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
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
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
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
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
'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
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
The best part of the high school in Hastings must have been the Music Department. Its orchestra and concert band did well in county competitions, and the dance band formed by its students was the best in the region. I played lead trumpet in all of them. Edmund Phelps bandcompetitionconcert 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
In America, black urban teenagers have long been lacking in inclusion. In France, there is a comparable lack of inclusion among North Africans. In much of Europe, there has been little attempt to include the Roma. Edmund Phelps africanamericaattempt share on social
