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
What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate. Edmund Phelps advancebringdesire Change image and share on social
Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. Edmund Phelps dynamismfrancegermany Change image and share on social
An indictment of entitlements has to focus on the huge 'social wealth' that the welfare state creates at the stroke of the pen. Yet statistical tests of the effects of welfare spending on employment yield erratic results. Edmund Phelps createeffectemployment 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
Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs. Edmund Phelps economistemploymentfail 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
The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. Edmund Phelps acutebusinessencourage Change image and share on social
Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply. Edmund Phelps bendclassicalcontraction Change image and share on social
Things can get only so bad. People want to eat, so at some point they resist further cuts to their consumption - it's not a bottomless pit. Edmund Phelps badbottomlessconsumption Change image and share on social
