A Quote by Edmund Phelps

Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.

Edmund Phelps

Quote Topics

Adds Aggregate Any Because Consumer Demand Disciples Employment Focus Household Increase Keynes Raising Say They Say View Wealth

Quote Author

Edmund Phelps
American - Economist
Born: July 26, 1933

Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.

John Kenneth Galbraith

In general it may be said that demand is quite as necessary to the increase of capital as the increase of capital is to demand.

Thomas Malthus

When the Industrial Revolution of the nineteenth century brought a rapid increase in wealth, the demand of workers for a fair share of the wealth they were creating was conceded only after riots and strikes.

John Boyd Orr

If the milk industry can make their product seem sexy and increase consumer demand, there must be hope for music.

Gary Arnold

No fundamental social change occurs merely because government acts. It's because civil society, the conscience of a country, begins to rise up and demand - demand - demand change.

Joe Biden

As a writer, I demand the right to write any character in the world that I want to write. I demand the right to be them, I demand the right to think them and I demand the right to tell the truth as I see they are.

Quentin Tarantino

The art of wealth-getting which consists in household management, on the one hand, has a limit; the unlimited acquisition of wealth is not its business. And therefore, in one point of view, all riches must have a limit; nevertheless, as a matter of fact, we find the opposite to be the case; for all getters of wealth increase their hard coin without limit.

Aristotle

In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.

George Akerlof

Acting requires focus, too, but acting doesn't, you might say, demand focus. When you're in the ring you don't even have to think about focus because the danger is so imminent. Imminent. You train and you prepare and then the adrenaline kicks in and drives you into focusing intensely. You'd better focus, right? Or else you'll make your exit on a stretcher.

Bette Ford

Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more.

Martin Feldstein

A demand for commodities is not a demand for labor. The demand for labor is determined by the amount of capital directly devoted to the remuneration of labor: the demand for commodities simply determines in what direction labor shall be employed.

Millicent Fawcett

There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.

Robert Skidelsky, Baron Skidelsky

A strong economy causes an increase in the demand for housing; the increased demand for housing drives real-estate prices and rentals through the roof. And then affordable housing becomes completely inaccessible.

William Baldwin

This idea that the employment of women, the movement of women outside the home into the work world, and their demand for equality is somehow responsible for increasing juvenile delinquency or the increase in divorce rate, is just so much bullshit.

Betty Friedan

A very poor man may be said in some sense to have a demand for a coach and six; he might like to have it; but his demand is not an effectual demand, as the commodity can never be brought to market in order to satisfy it.