An economy open to new concepts and novel ventures is bound to generate unequal gains. Edmund Phelps More Quotes by Edmund Phelps More Quotes From Edmund Phelps 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 self-respect honesty responsibility Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs. Edmund Phelps better see minimum-wage inclusion 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 good growth change life Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. Edmund Phelps well without fraud deception Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. Edmund Phelps ladder view chance children The 1920s and 1930s were a period of sensational productivity growth: new products were springing up all over the place, and most of those new products and new methods were developed by people who started their own companies. Edmund Phelps new place growth people Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand. Edmund Phelps they-say view wealth focus Democrats and Republicans have been very keen to make home ownership almost a national purpose. Edmund Phelps make ownership purpose home I just think that the Europeans are depriving themselves of a high-employment economy, and they are depriving themselves of intellectual stimulation in the workplace - and personal growth - by sticking to the stultifying, rigid system that I call corporatism. Edmund Phelps personal think workplace growth 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 nation story never world 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 inclusion black long america 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 good experience work life Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment. Edmund Phelps facebook like creativity imagination As a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation. Edmund Phelps dedication innovation work long If every effect of any new products or methods were required to be known before they could be produced and marketed, they would not be true innovations - and thus not represent new knowledge of what people would like, if offered. Edmund Phelps true new people knowledge Those of us born into vitalist and expressionist cultures must hope that governments will draw back from shutting down the modernist project of exploring, experimenting, and imagining - of voyaging into the unknown - that has been essential for rewarding lives. Edmund Phelps down will born hope I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement. Edmund Phelps step think me innovation In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction. Edmund Phelps job where values satisfaction I think the 19th century is an extraordinary period with a welling up of creativity and all kinds of experimentation and exploration going on at least until 1940. Edmund Phelps going think extraordinary creativity Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. Edmund Phelps raising over about minimum-wage
