Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. Edmund Phelps chancechildclimb Change image and share on social
Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. Edmund Phelps capitalistcompanydeception Change image and share on social
For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. Edmund Phelps decadedriveemployment Change image and share on social
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 createeffectemployment share on social
You have little representation of young black men in the business sector, so you have children growing up in disadvantaged neighborhoods who don't hear discussions at the dinner table about what goes on in business. It's almost as if we have two nations. Edmund Phelps blackbusinesschild share on social
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 1960s1970s1990s share on social
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 1920sattitudebusiness share on social
Democrats and Republicans have been very keen to make home ownership almost a national purpose. Edmund Phelps democrathomekeen Change image and share on social
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 accountallowcompany share on social
Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive. Edmund Phelps assetattractivebank Change image and share on social
