93 Quotes by Edmund Phelps

A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.

An economy open to new concepts and novel ventures is bound to generate unequal gains.

Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud.

Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union.

Democrats and Republicans have been very keen to make home ownership almost a national purpose.

Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls.

Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.

Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.

Expertise and judgment in the art of lending for novel ventures must be reacquired.