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
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
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
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
Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand. Edmund Phelps addaggregateconsumer Change image and share on social
Entrepreneurs' willingness to innovate or just to invest - and thus create new jobs - is driven by their 'animal spirits,' as they decide whether to leap into the void. Edmund Phelps animalcreatedecide Change image and share on social
In countries operating a largely capitalist system, there does not appear to be a wide understanding among its actors and overseers of either its advantages or its hazards. Edmund Phelps actoradvantagecapitalist Change image and share on social
The 1920s and 1930s were a period of sensational productivity growth: new products were springing up all over the place, and most of those new products and new methods were developed by people who started their own companies. Edmund Phelps 1920s1930scompany share on social
