A Quote by Edmund Phelps

The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.

Edmund Phelps

Quote Topics

Always Belief Demand Fallacy Growth Root Slow Slow Growth Underemployment

Quote Author

Edmund Phelps
American - Economist
Born: July 26, 1933

In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.

Raghuram Rajan

All human affairs follow nature's great analogue, the growth of vegetation. There are three periods of growth in every plant. The first, and slowest, is the invisible growth by the root; the second and much accelerated is the visible growth by the stem; but when root and stem have gathered their forces, there comes the third period, in which the plant quickly flashes into blossom and rushes into fruit.

Henry Ward Beecher

You cannot force growth of human life and civilization, any more than you can force these slow-growing trees. That is the economy of Almighty God, that all good growth is slow growth.

William Jay Gaynor

There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.

Ray Dalio

If you see a market that has slow and steady growth long enough, you'll start to front-run it, and that slow and steady growth will start turning into steeper growth, and that will accelerate the process.

Erik Voorhees

True religion is slow in growth, and, when once planted, is difficult of dislodgement; but its intellectual counterfeit has no root in itself: it springs up suddenly, it suddenly withers.

John Henry Newman

Infrastructure projects create a lot of demand for material, services and manpower. It is a chain reaction; if the infrastructure growth slows down, it will hit overall demand. The supply side has to keep increasing to sustain growth.

Jamshyd Godrej

Do you think it is possible to increase your intellectual ability? For decades, I have studied the power of this belief to become reality and watched as the concept of maintaining a 'growth mindset' has taken root in education and parenting circles.

Carol S. Dweck

Just as it is the love of money that is the root of all evil, it is the belief in shamefulness that is the root of all misery.

Stephen Fry

There is no permanent place in this universe for evil... Evil may hide behind this fallacy and that, but it will be hunted from fallacy to fallacy until there is no more fallacy for it to hide behind.

Thomas Carlyle

It's a critical fallacy of our times ... that a writer should 'grow,' 'change,' or 'develop.' This fallacy causes us to expect from children or radishes: 'grow,' or there's something wrong with you. But writers are not radishes. If you look at what most writers actually do, it resembles a theme with variations more than it does the popular notion of growth.

Margaret Atwood

If there is genuine potential for growth, build capacity in advance of demand, as a strategy for creating demand. Hold the vision, especially as regards assessing key performance and evaluating whether capacity to meet potential demand is adequate.

Peter Senge

Crime takes root when household budgets are unable to address the conditions that can lead to despair and violence, and government services and policies do not adequately address underemployment, poor mental health care and learning disabilities that hold young people back.

Eric Adams

In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

Peter Thiel

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.