Edmund Phelps said this quote

What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.

~ Edmund Phelps

At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples.

~ Edmund Phelps

I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.

~ Edmund Phelps

No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure.

~ Edmund Phelps