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Edmund Phelps


American
July 26, 1933
Economist
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Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.


Edmund Phelps
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Expertise and judgment in the art of lending for novel ventures must be reacquired.


Edmund Phelps
Tags: Must Art Novel
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I didn't do my work for money or prizes - only for the excitement of discovery.


Edmund Phelps
Tags: Work Money Only
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.
Edmund Phelps
Tags: Got Both Healthy
Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union.
Edmund Phelps
As a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation.
Edmund Phelps
Tags: Work About Long
Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.
Edmund Phelps
Tags: Who Because Any
In Greece, Italy and, to a lesser extent, France, unsustainable tax cuts and spending sprees added to households' estimates of their private wealth relative to their wage income.
Edmund Phelps
Corporatist attitudes against capitalism came to the fore in the 1920s. Corporatists, with their conservative values, hated the invasion of towns and regions by new businesses, upsetting traditional ways, wealth and status.
Edmund Phelps
Tags: New Came Against
Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs.
Edmund Phelps
Tags: Like Very See
In America, black urban teenagers have long been lacking in inclusion. In France, there is a comparable lack of inclusion among North Africans. In much of Europe, there has been little attempt to include the Roma.
Edmund Phelps
Tags: Been Much Little
An indictment of entitlements has to focus on the huge 'social wealth' that the welfare state creates at the stroke of the pen. Yet statistical tests of the effects of welfare spending on employment yield erratic results.
Edmund Phelps
Tags: State Social Huge
Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment.
Edmund Phelps
I attended Amherst College from 1951 to 1955. The first two years were a revelation. There were innumerable exchanges with brilliant classmates, among them the playwright Ralph Allen, the classics scholar Robert Fagles, and the composer Michael Sahl.
Edmund Phelps
Tags: Them Were First
A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the 'great transformation' on which historians and sociologists as well as business commentators were to write volumes.
Edmund Phelps
I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement.
Edmund Phelps
Tags: Me About Think
My thinking has always been that the worst problem we have with regard to lack of inclusion is the terribly low labor force participation rates and terribly high unemployment rates of young men, especially young men in ethnic minority groups and, in particular, young black men.
Edmund Phelps
Tags: Men Always Been