Edmund Phelps Quotes
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.
Phelps, Edmund S. Rewarding Work: How to Restore Participation and Self-Support to Free Enterprise. Harvard University Press, 1997.
He even paraphrased it in one of his opinions.
On the day of the March on Washington the Congress of Racial Equality asked Levitt if he would change his policies on discrimination against Negroes. This quotation, perhaps more than any, other illustrates why legal discrimination was so pernicious. Any builder who tried to break down the housing color barrier would pay an economic penalty and the moral issue became economic. In trying to change America’s attitude on race the people who is the way would then be punished economically. This is why both the black-and-white leadership who wanted desegregation realized that it had to be done by legislation, and not by a process of education and persuasion. In housing a persuaded convert could not act alone without severe penalty. Even after housing discrimination was made illegal, the builders who desegregated suffered somewhat for many years because so many people found ways to evade the law, and government officials at all levels were reluctant to enforce the law.
Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.