A Quote by Edmund Phelps

The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment.

Edmund Phelps

Quote Topics

Began Cause Continent Deep Devastating Down Employment Europe Fall Growth Holds Inclusion Job Job Satisfaction Large Late Losses Main Productivity Rates Satisfaction Struck Wage Wages

Quote Author

Edmund Phelps
American - Economist
Born: July 26, 1933

After a major loss of dynamism in the 1960s, productivity growth rates began dropping in most countries, falling by half in the U.S. in the 1970s and more or less ceasing altogether in France, Germany and Britain in the late 1990s.

Edmund Phelps

By holding down natural wage growth in labor-intensive industries, immigration serves as a subsidy for low-wage, low-productivity ways of doing business, retarding technological progress and productivity growth.

Mark Krikorian

Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.

Michael Hudson

The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.

Paul Samuelson

Increases in interest rates normally worsen inequality, at least partly by reducing employment and wage growth.

Gerald Epstein

The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.

Toshihiko Fukui

In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates productivity growth because only on the basis of growth of labour productivity can we enjoy healthy growth.

Elvira Nabiullina

It seems to me both moral and practical that in the richest in nation in the world that someone working full time shouldn't live in poverty. And studies over the last 20 years in states where we have seen these minimum wage increases show there's no discernible impact on employment growth. In fact, what it does is line low-wage workers' pockets with higher wages.

Katrina vanden Heuvel

The challenge to our national economies and the collective economy of Europe will become - with the growth of China and the continuing productivity growth of the US - even more intense in the decades to come.

John Hutton

Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.

Janet Yellen

Growth that adds volume without improving productivity is fat. Growth that diminishes productivity is cancer.

Peter Drucker

We need economic growth, yes, but growth can be jobless, so a sustainable development framework for employment must include a job creation strategy.

Sharan Burrow

Walmart's period of explosive growth coincided with decades of wage stagnation and deindustrialization. By applying relentless downward pressure on prices and wages, the company came to dominate both consumer spending and employment in small towns and rural areas across the middle of the country.

George Packer

Along with the rise of inequality, the slowdown in productivity growth, and the shrinking of the middle class, the spiraling cost of living has become a central facet of American economic life.

Annie Lowrey

There is job growth in renewables, there is job growth in energy efficiency and there is job growth in developing innovative industries and technologies to successfully meet the challenge of climate change.

Peter Garrett

If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.

James B. Stewart

A Quote by Edmund Phelps

Quote Topics

Quote Author

Related Quotes

Related Authors