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Edmund Phelps Quotes

American - Economist | July 26, 1933 -

A nation's economy is more than its markets, tastes, technologies and property rights.

More Economy Nation Rights Property

When I was a teenager, I learned to play the trumpet. Music became my passion.

Music Passion Play Trumpet Learned

When I was in college at Amherst, my father asked me a favor: to take one course in economics. I loved it - for the challenge of its mysteries.

Father Challenge College Economics

I didn't do my work for money or prizes - only for the excitement of discovery.

Work Money Discovery Excitement Only

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.

Finance Research World Key See Some

In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.

Money Easy Back Way Economists Many

It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.

Acceptance Employment Bring Inflation

I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept?

Time Think Questions Mean Concept

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

Research Economics Healthy Got Both

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.

Business Great Transformation Way

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.

Change Law Financial Company Economy

Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s.

Determination Research End Early

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