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
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
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
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
America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few financial panics and two depressions, to be sure. But in this period, a frenzy of creative activity, economic competition and rapid growth in national income provided widening economic inclusion, rising wages for all, and engaging careers for most. Edmund Phelps 1820s1960sactivity share on social
Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment. Edmund Phelps accountallowcompany share on social
The good life, as it is popularly conceived, typically involves acquiring mastery in one's work, thus gaining for oneself better terms - or means to rewards, whether material, like wealth, or nonmaterial - an experience we may call 'prospering.' Edmund Phelps acquirecallconceive 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
When public spending in the form of transfer payments makes various services and benefits free of charge, work is discouraged. Yet it is precisely Social Security that legislators fear to cut. Edmund Phelps benefitchargecut 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