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Edmund Phelps Quotes


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Quotes by Edmund Phelps

Showing 41-50 of 93 Quotes by Edmund Phelps

Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s.

~Edmund Phelps

Topics: Again Area Determination Early Early 1990S Economy End Main Modern Research Subject Unemployment 1970S 1990S

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I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project.

~Edmund Phelps

Topics: Became Beliefs Could Does Economic Employee Engaged Entrepreneur Evolve Expectations Form Ideas Incorporate Manager Models Most People Problems Project Put Recognize Reflect Solve Try Trying Work

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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

Topics: Added Cuts Estimates Extent France Greece Households Income Italy Lesser Private Relative Spending Tax Tax Cuts Unsustainable Wage Wealth

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The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment.

~Edmund Phelps

Topics: Began Cause Continent Deep Devastating Down Employment Europe Fall Growth Holds Inclusion Job Large Late Losses Main Productivity Rates Satisfaction Struck Wage Wages 1990S

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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

Topics: Adds Aggregate Any Because Consumer Demand Disciples Employment Focus Household Increase Raising Say They Say View Wealth Who

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Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.

~Edmund Phelps

Topics: Bent Classical Decline Economists Employment Labour Large Large Part Lay Output Part Supply Thus

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After a major loss of dynamism in the 1960s, productivity growth rates began dropping in most countries, falling by half in the U.S. in the 1970s and more or less ceasing altogether in France, Germany and Britain in the late 1990s.

~Edmund Phelps

Topics: After Altogether Began Britain Countries Dropping Dynamism Falling France Germany Growth Half Late Less Loss Major More More Or Less Most Productivity Rates 1970S 1960S 1990S

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'Egalitarians' who complain about inequality view the wealth of the wealthiest as bad in itself: it disfigures society. They would enact a wealth tax to extirpate the offending wealth.

~Edmund Phelps

Topics: About Bad Complain Enact Inequality Itself Offending Society Tax View Wealth Who Would

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Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls.

~Edmund Phelps

Topics: Capital Developing Disappear Goods Innovation Intensive Jobs Labour Make Needed New New Products Producing Products Them

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With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders.

~Edmund Phelps

Topics: Companies Competition Fear Less Lifts Prices Profits Raise Share Shareholders Thus Wealth Wealthy

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Biography

Nationality: American

Type: Economist

Born: July 26th, 1933

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