American - Economist | July 26, 1933 -
My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.
Edmund Phelps
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To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created.
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The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level.
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Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.
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The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute.
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Narrow banks could restart effective intermediation and ensure that consumers and employment-creating small and medium-size enterprises are adequately financed and can contribute to the reactivation of the economy.
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I would like to see people dreaming of striking out on their own into some other country or their own, wherever they feel the action is, in the hope of an exciting and rewarding career.
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Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive.
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To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'
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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.
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Mass prosperity came with the mass innovation that sprung up in 1815 in Britain, soon after in America, and later in Germany and France: It brought sustained growth to these nations - also to nations with entrepreneurs willing and able to copy the innovations.
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What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.
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