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The stampede toward “rational expectations” — widely thought to be a “revolution,” though it was only a generalization of the neoclassical idea of equilibrium—derailed the expectations-driven model building that had just left the station. In the end, this way of modeling has not illuminated how the world economy works.

— Edmund Phelps Edmund S. Phelps (2007)

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When public spending in the form of transfer payments makes various services and benefits free of charge, work is discouraged. Yet it is precisely Social Security that legislators fear to cut

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Quote text and notes from Wikiquote: Edmund Phelps (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.