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Edmund Phelps Quotes

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Last Updated on May 30, 2021

Business
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Nov 07, 2020

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

Never
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Nov 07, 2020

The epic story of the West is the development in the 19th century of a mass prosperity the world had never seen and its near-disappearance in one nation after another in the 20th.

America
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Nov 07, 2020

Mass prosperity came with the mass innovation that sprung up in 1815 in Britain, soon after in America, and later in Germany and France: It brought sustained growth to these nations - also to nations with entrepreneurs willing and able to copy the innovations.

Innovation
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Nov 07, 2020

What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.

Capitalism
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Nov 07, 2020

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.

Focus
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Nov 07, 2020

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.

Country
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Nov 07, 2020

The level of dynamism is a matter of how fertile the country is in coming up with innovative ideas having prospects of profitability, how adept it is at identifying and nourishing the ideas with the best prospects, and how prepared it is in evaluating and trying out the new products and methods that are launched onto the market.

Italy
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Nov 07, 2020

Germany, Italy and France appear to possess less dynamism than do the U.S. and the others.

Create
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Nov 07, 2020

Entrepreneurs' willingness to innovate or just to invest - and thus create new jobs - is driven by their 'animal spirits,' as they decide whether to leap into the void.

Celebration
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Nov 07, 2020

The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations.

Live
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Nov 07, 2020

I'm not attacking the idea that people live in conglomerations of houses in proximity to one another, sharing the same water mains and the same newspaper delivery boy and so forth. I'm not objecting to that. That could happen with or without homeownership.

Life
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Nov 07, 2020

I grew up thinking that renting is perfectly normal. And then, strangely enough, I never did buy a house. I live in New York City, and I'm still renting. My own personal narrative shows that it is possible to live a respectable life without ever having owned a home.

Depression
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Nov 07, 2020

I grew up, until age 6, in Chicago. My parents rented their apartment and, at the end of the Depression, my parents wanted to replicate that situation. So, again, we lived in a somewhat suburban setting outside of New York City, and again, they rented.

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