“Where there is creativity, there must also be judgment—the judgment that comes from insight and experience. Only where there is both creativity and judgment will there be true innovations—new things that prove to work well, that have some staying power and make a mark.”
More from Edmund S. Phelps
“Economists have long tried to explain to the public that capitalism produces more…”
“There’s something revealing in the fact that European society has birthrates so low. It…”
“There is no success without the prospect of failure, no adventure without possible mishap.”
“Innovation makes scarce goods abundant.”