Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change. Edmund Phelps acceptawarecall 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
Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. Edmund Phelps chancechildclimb 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
I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept? Edmund Phelps ariseconceptconceptual Change image and share on social
To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.' Edmund Phelps advanceamericanbusiness Change image and share on social
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
'Egalitarians' who complain about inequality view the wealth of the wealthiest as bad in itself: it disfigures society. They would enact a wealth tax to extirpate the offending wealth. Edmund Phelps badcomplaindisfigure Change image and share on social
Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. Edmund Phelps lotminimumminuse Change image and share on social
A modern economy is marked by the feasibility of endogenous change: Modernization brings myriad arrangements from expanded property rights to company law and financial institutions. Edmund Phelps arrangementbringchange Change image and share on social