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Edmund Phelps Quotes

American - Economist | July 26, 1933 -

The difficulties of many European countries derive from their corporatism: state projects serving cronies and vast social protection programmes, both run by elites. These surged in the 1970s and 1980s.

Run Difficulties Serving Protection

Italy and France could lop off their excessive wealth through a one-time tax on private wealth.

Wealth Tax Through France Off Italy

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

Finance Political Unions Bank Right

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

Home Purpose Ownership Home Ownership

If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations.

Home Worry You Down Maintenance Pay

I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue.

Enough Remember Important Virtue Old

I'm hoping that the administration and other thought leaders will succeed eventually in bringing the country back to the older idea that the American dream is having a career, getting a job, and getting involved in it, and doing well. That was the core of the good life.

Life Good Job American Dream Succeed

In countries operating a largely capitalist system, there does not appear to be a wide understanding among its actors and overseers of either its advantages or its hazards.

Understanding System Either Wide

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

Deception Fraud Without Protection

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.

Blue Outside Economy Out Economic

Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences.

Future Law Think Picture Push Know

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.

Growth Think Intellectual Personal

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