Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985. Edmund Phelps equalfallhappen Change image and 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
No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure. Edmund Phelps achieveamountcure Change image and share on social
An economy open to new concepts and novel ventures is bound to generate unequal gains. Edmund Phelps bindconcepteconomy 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
When I was a teenager, I learned to play the trumpet. Music became my passion. Edmund Phelps learnmusicpassion 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
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
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. Edmund Phelps applyconceptualeconomics Change image and share on social
I grew up thinking that renting is perfectly normal. And then, strangely enough, I never did buy a house. I live in New York City, and I'm still renting. My own personal narrative shows that it is possible to live a respectable life without ever having owned a home. Edmund Phelps buycitygrow share on social
