Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply. Edmund Phelps bendclassicalcontraction Change image and 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
Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. Edmund Phelps dynamismfrancegermany Change image and share on social
A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the 'great transformation' on which historians and sociologists as well as business commentators were to write volumes. Edmund Phelps businesscommentatorcompany share on social
Narrow banks could restart effective intermediation and ensure that consumers and employment-creating small and medium-size enterprises are adequately financed and can contribute to the reactivation of the economy. Edmund Phelps adequatelybankconsumer share on social
There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes. Edmund Phelps attractbottombusiness share on social
I grew up thinking that renting is perfectly normal. And then, strangely enough, I never did buy a house. I live in New York City, and I'm still renting. My own personal narrative shows that it is possible to live a respectable life without ever having owned a home. Edmund Phelps buycitygrow share on social
What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate. Edmund Phelps advancebringdesire Change image and share on social
Most of the big banks were shot through with short-termism, deceptive practices and self-dealing. We must institute basic changes in corporate governance and in management practice to restore responsibility and honesty for the sake of the economy and for the self-respect of the country. Edmund Phelps bankbasicbig share on social
The level of dynamism is a matter of how fertile the country is in coming up with innovative ideas having prospects of profitability, how adept it is at identifying and nourishing the ideas with the best prospects, and how prepared it is in evaluating and trying out the new products and methods that are launched onto the market. Edmund Phelps adeptcomecountry share on social