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
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
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. Edmund Phelps applyconceptualeconomics Change image and share on social
My God, I don't know anyone who likes to accumulate their wealth more than the Europeans. Edmund Phelps accumulateeuropeangod Change image and share on social
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. Edmund Phelps attackboyconglomeration share on social
In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment. Edmund Phelps 1930s1960sback Change image and share on social
In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction. Edmund Phelps expressionhighindividualism Change image and share on social
I just think that the Europeans are depriving themselves of a high-employment economy, and they are depriving themselves of intellectual stimulation in the workplace - and personal growth - by sticking to the stultifying, rigid system that I call corporatism. Edmund Phelps callcorporatismdeprive share on social
The difficulties of many European countries derive from their corporatism: state projects serving cronies and vast social protection programmes, both run by elites. These surged in the 1970s and 1980s. Edmund Phelps 1970s1980scorporatism share on social
