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

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• Edmund Phelps:

  In essence, capitalist systems are a mechanism by which economies may generate growth in knowledge

• Edmund Phelps:

  Well into the 20th century, scholars viewed economic advances as resulting from commercial innovati

• Edmund Phelps:

  Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and

• Edmund Phelps:

  I just think that the Europeans are depriving themselves of a high-employment economy, and they are

• Edmund Phelps:

  My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.

• Edmund Phelps:

  Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that

• Edmund Phelps:

  There would be plenty of justification to raise revenues in order to subsidize businesses that empl

• Edmund Phelps:

  To pump up consumer or government demand would force interest rates up and asset prices down, possi

• Edmund Phelps:

  The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be

• Edmund Phelps:

  Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories