The epic story of the West is the development in the 19th century of a mass prosperity the world had never seen and its near-disappearance in one nation after another in the 20th. Edmund Phelps 19th20thcentury 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
My thinking has always been that the worst problem we have with regard to lack of inclusion is the terribly low labor force participation rates and terribly high unemployment rates of young men, especially young men in ethnic minority groups and, in particular, young black men. Edmund Phelps badblackethnic share on social
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
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
When the word 'morality' comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world's resources or for investment bankers to earn large bonuses? Edmund Phelps bankerbonusconnection share on social
Well into the 20th century, scholars viewed economic advances as resulting from commercial innovations enabled by the discoveries of scientists - discoveries that come from outside the economy and out of the blue. Edmund Phelps 20thadvanceblue 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
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
Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive. Edmund Phelps assetattractivebank Change image and share on social
