In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction.
From Edmund Phelps
I think the 19th century is an extraordinary period with a welling up of creativity and all kinds of experimentation and exploration going on at least until 1940.
Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage.
Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs.
My thinking has always been that the worst problem we have with regard to lack of inclusion is the terribly low labor force participation rates and terribly high unemployment rates of young men, especially young men in ethnic minority groups and, in particular, young black men.
You have little representation of young black men in the business sector, so you have children growing up in disadvantaged neighborhoods who don't hear discussions at the dinner table about what goes on in business. It's almost as if we have two nations.
For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.
I attended Amherst College from 1951 to 1955. The first two years were a revelation. There were innumerable exchanges with brilliant classmates, among them the playwright Ralph Allen, the classics scholar Robert Fagles, and the composer Michael Sahl.
A nation's economy is more than its markets, tastes, technologies and property rights.
When I was a teenager, I learned to play the trumpet. Music became my passion.
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