Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy. Edmund Phelps classicaldeartheconomist Change image and share on social
I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement. Edmund Phelps driveemployeeengagement 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
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 don't think the economy telegraphs very clearly where it's going. Edmund Phelps economytelegraph Change image and share on social
In Greece, Italy and, to a lesser extent, France, unsustainable tax cuts and spending sprees added to households' estimates of their private wealth relative to their wage income. Edmund Phelps addcutestimate Change image and 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
The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment. Edmund Phelps 1990sbegincontinent share on social
With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders. Edmund Phelps companycompetitionembolden 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
