American - Economist | July 26, 1933 -
There's such a preoccupation with liquidity and such an unwillingness to invest beyond the horizon of the next quarter and making sure that the CEOs hit their quarterly earnings.
Edmund Phelps
HorizonBeyondNextQuarterSure
Expertise and judgment in the art of lending for novel ventures must be reacquired.
ArtJudgmentExpertiseMustNovel
I don't think the economy telegraphs very clearly where it's going.
ThinkEconomyClearlyWhereGoing
One reason why upturns follow downturns is that downturns tend to overshoot. People get panicky, they're afraid to stay the course, so they start selling. The other thing is that I think, as entrepreneurs keep on waiting to produce new things, that there's an accumulation of as-yet-unexploited new ideas that keeps mounting up.
New ThingsWaitingPeopleIdeasNew
Things can get only so bad. People want to eat, so at some point they resist further cuts to their consumption - it's not a bottomless pit.
PeopleBad PeopleBadWantEatGet
An economy open to new concepts and novel ventures is bound to generate unequal gains.
NewEconomyOpenConceptsNovel
My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.
InnovationTimeViewEverydayBecome
Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985.
FallRiseLadderEqualUnemployment
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?
EconomicsWorldRichFinancialMoral
Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives.
PlaceIncentiveLiberalHeavyWeight
Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market.
CommunityEconomicsBetterLaborOut
At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples.
ChangeKnowledgeSimpleEconomics
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