The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level. Edmund Phelps backemploymentfallacy Change image and share on social
There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes. Edmund Phelps attractbottombusiness share on social
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. Edmund Phelps 19th20thcentury Change image and share on social
It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. Edmund Phelps acceptancebringemployment Change image and 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
Italy and France could lop off their excessive wealth through a one-time tax on private wealth. Edmund Phelps excessivefranceitaly Change image and share on social
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 1960s1970s1980s Change image and share on social
If every effect of any new products or methods were required to be known before they could be produced and marketed, they would not be true innovations - and thus not represent new knowledge of what people would like, if offered. Edmund Phelps effectinnovationknowledge share on social
If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations. Edmund Phelps aggravationboilerbreak share on social
I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue. Edmund Phelps 1930s1940sconsider Change image and share on social
