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. Edmund Phelps ageapartmentchicago share on social
Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market. Edmund Phelps communitycountryeconomics share on social
When I was in college at Amherst, my father asked me a favor: to take one course in economics. I loved it - for the challenge of its mysteries. Edmund Phelps amherstaskchallenge Change image and share on social
The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy. Edmund Phelps beliefdemandfallacy Change image and share on social
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 admireagricultureamerican Change image and share on social
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. Edmund Phelps americabringbritain share on social
At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples. Edmund Phelps actioncasechange share on social
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 bendclassicalcontraction Change image and share on social
When I was a teenager, I learned to play the trumpet. Music became my passion. Edmund Phelps learnmusicpassion Change image and share on social
A nation's economy is more than its markets, tastes, technologies and property rights. Edmund Phelps economymarketnation Change image and share on social
