My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.

When the word 'morality' comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world's resources or for investment bankers to earn large bonuses?

Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985.

Edmund Phelps Quotes