A Quote by Edmund Phelps

Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls.

Edmund Phelps

Quote Topics

Capital Developing Disappear Goods Innovation Intensive Jobs Labour Make Needed New New Products Producing Products Them

Quote Author

Edmund Phelps
American - Economist
Born: July 26, 1933

Our competitors outside Europe are manufacturing goods cheaper and better. Through innovation, other countries are producing new products which we do not make yet, but which we could.

David Lidington

Out-innovating them is the way to beat China. And to do everything that we do in this country to support innovative policy, that drives innovation and new products and more jobs and creates jobs. You can't - you can't put a wall up around here. We tried that in the '30s. It didn't work.

Jack Welch

The only source of the generation of additional capital goods is saving. If all the goods produced are consumed, no new capital comes into being.

Ludwig von Mises

Reverse innovation is an innovation that is first adopted in developing markets and flows uphill to mature markets. This concept directs forward-looking companies to look beyond industrialized nations to draw new ideas, products, and processes from emerging economies.

Dinesh Paliwal

The U.S. tends to export high-tech goods because we have strong comparative advantage there, and we tend to import labor-intensive and less skill-intensive goods that other countries can do more cheaply.

David Autor

Traditional agriculture was labour intensive, industrial agriculture is energy intensive, and permaculture-designed systems are information and design intensive.

David Holmgren

I think there's a big difference between the impact of trade agreements on corporate America and the impact on Mr. and Mrs. America. Corporate America has adjusted to them by investing lots of capital offshore... What we're doing is we're exporting jobs and importing products instead of exporting products and keeping jobs.

Wilbur Ross

New Mexico should be a tech jobs leader and a haven for innovation, a place where the best and the brightest come to bring their products to market.

Susana Martinez

The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.

Joseph A. Schumpeter

America is the greatest engine of innovation that has ever existed, and it can't be duplicated anytime soon, because it is the product of a multitude of factors: extreme freedom of thought, an emphasis on independent thinking, a steady immigration of new minds, a risk-taking culture with no stigma attached to trying and failing, a noncorrupt bureaucracy, and financial markets and a venture capital system that are unrivaled at taking new ideas and turning them into global products.

Thomas Friedman

In a changing world, some jobs disappear and new ones are created. That's how it has been for hundreds of years. When jobs disappear, the vast majority is not because of global trade, but because of technical advances, robotization and so on. So, we - and in particular, EU member states - have to invest more in training and education so that people will have new opportunities if their jobs are cut. The EU can also better utilize its investment and social funds to protect its citizens from swift changes.

Cecilia Malmstrom

What you need if you want jobs are small and medium sized enterprises, local initiatives, labour intensive work, community development, service providers and the like.

Susan George

The creation of new capital always... releases... labor. Its actual effect [though] is not to make jobs scarce, but to free men's labor for other jobs.

Frederic Bastiat

I think that these flows of refugee are the inevitable counterparts to the flow of capital and goods. In other words, they too are by-products of globalisation.

Kofi Annan

The government also has to get the public rules right. That means putting a price on carbon, so the cleaner forms of energy become more competitive. As soon as that happens, a tidal wave of new capital, innovation and entrepreneurship will flood into the clean energy space - creating new jobs and opportunities for Americans of all walks of life. We did that for the internet, with public investments in the basic system through the Pentagon, followed by rules that encouraged innovation and competition. And that is why the internet took off in the United States first.