Political economist Edmund Phelps underscores the importance of earning a respectable wage to foster self-worth and responsibility. However, the wide gulf between the wages of low-paid workers and those of the middle class, along with the availability of welfare, has resulted in lack of loyalty or incentive among common workers. Phelps calls for re-engineering our economic system to help low-wage American workers achieve self-sufficiency and self-respect.
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Political economist Edmund Phelps underscores the importance of earning a respectable wage to foster self-worth and responsibility. However, the wide gulf between the wages of low-paid workers and those of the middle class, along with the availability of welfare, has resulted in lack of loyalty or incentive among common workers. Phelps calls for re-engineering our economic system to help low-wage American workers achieve self-sufficiency and self-respect.
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