I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept?

A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the 'great transformation' on which historians and sociologists as well as business commentators were to write volumes.

A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.

Edmund Phelps Quotes