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.

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• Edmund Phelps:

  When public spending in the form of transfer payments makes various services and benefits free of c

• Edmund Phelps:

  Expertise and judgment in the art of lending for novel ventures must be reacquired.

• Edmund Phelps:

  I don't think the economy telegraphs very clearly where it's going.

• Edmund Phelps:

  One reason why upturns follow downturns is that downturns tend to overshoot. People get panicky, th

• Edmund Phelps:

  Things can get only so bad. People want to eat, so at some point they resist further cuts to their

• Edmund Phelps:

  An economy open to new concepts and novel ventures is bound to generate unequal gains.

• Edmund Phelps:

  America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few fin

• Edmund Phelps:

  My view is that innovation has declined in the everyday processes that businesses tinker with incre

• Edmund Phelps:

  Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, an

• Edmund Phelps:

  When the word 'morality' comes up in connection with economics, income distribution and financial s