Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls. Edmund Phelps capitaldevelopdisappear Change image and share on social
I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too. Edmund Phelps absorbbankcentral Change image and share on social
In essence, capitalist systems are a mechanism by which economies may generate growth in knowledge - with much uncertainty in the process, owing to the incompleteness of knowledge. Edmund Phelps capitalisteconomyessence Change image and share on social