To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created. Edmund Phelps assetconsumercreate Change image and share on social
Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences. Edmund Phelps ambiguitybetconsequence share on social
I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement. Edmund Phelps driveemployeeengagement share on social
Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives. Edmund Phelps conservativefavorgovernment Change image and share on social
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 1990sbegincontinent 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
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
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
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
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. Edmund Phelps adeptcomecountry share on social