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Edmund Phelps Quotes


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Quotes by Edmund Phelps

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Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change.

~Edmund Phelps

Topics: Accepting Aware Being Challenges Change Consists Discovery Good Good Life Growth Idea Life Living Makes Personal Personal Growth Problems Solving Think Without Worth Worth Living I Think

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To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'

~Edmund Phelps

Topics: Advance American Business Financial Financial System Going Home Home Ownership Need Oriented Ownership Prosper Sector System Toward

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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

Topics: Allen Amherst Among Attended Brilliant Classics Classmates College Composer Exchanges First Michael Playwright Ralph Revelation Robert Scholar Them Two Were Years

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A modern economy is marked by the feasibility of endogenous change: Modernization brings myriad arrangements from expanded property rights to company law and financial institutions.

~Edmund Phelps

Topics: Arrangements Brings Change Company Economy Financial Institutions Law Marked Modern Modernization Myriad Property Property Rights Rights

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Well into the 20th century, scholars viewed economic advances as resulting from commercial innovations enabled by the discoveries of scientists - discoveries that come from outside the economy and out of the blue.

~Edmund Phelps

Topics: Advances Blue Century Come Commercial Discoveries Economic Economy Innovations Out Outside Resulting Scholars Scientists Viewed Well 20Th Century

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Most of the big banks were shot through with short-termism, deceptive practices and self-dealing. We must institute basic changes in corporate governance and in management practice to restore responsibility and honesty for the sake of the economy and for the self-respect of the country.

~Edmund Phelps

Topics: Banks Basic Big Changes Corporate Country Deceptive Economy Governance Honesty Institute Management Most Must Practice Practices Responsibility Restore Sake Self-Respect Shot Through Were

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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

Topics: Creates Effects Employment Entitlement Erratic Focus Huge Indictment Pen Results Social Spending State Statistical Stroke Tests Wealth Welfare Welfare State Yield

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Those of us born into vitalist and expressionist cultures must hope that governments will draw back from shutting down the modernist project of exploring, experimenting, and imagining - of voyaging into the unknown - that has been essential for rewarding lives.

~Edmund Phelps

Topics: Back Been Born Cultures Down Draw Essential Experimenting Exploring Governments Hope Imagining Lives Modernist Must Project Rewarding Shutting Those Unknown Us Will

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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

Topics: Business Companies Enabling Freedoms Gave Great Having Historians Institutions System Transformation Typical Various Volumes Way Well Were Where Which Write

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Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy.

~Edmund Phelps

Topics: Believe Classical Economists Economy Ethic Greeks Innovation Nothing Offset Pull Some Them Thrift Through Virtues Work Work Ethic

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Biography

Nationality: American

Type: Economist

Born: July 26th, 1933

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