At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples.
Edmund PhelpsRead
You have little representation of young black men in the business sector, so you have children growing up in disadvantaged neighborhoods who don't hear discussions at the dinner table about what goes on in business. It's almost as if we have two nations.
Interpretation
What this quote means
The lack of role models in business for young black men leads to a disconnect in understanding and opportunity.
In this quote, Edmund Phelps highlights the significant issue of representation in the business sector, particularly for young black men. He points out that many children in disadvantaged neighborhoods miss out on crucial discussions about business and economic opportunities, which are often absent from their home environments. This lack of exposure creates a divide, as these children grow up without the knowledge or encouragement to pursue careers in business, effectively leading to a societal split or 'two nations' — one that is informed and engaged in business, and another that is not.
Themes
RepresentationBusinessYoung Black MenDisadvantaged NeighborhoodsOpportunity
In practice
Example use cases
In discussions about diversity in business, this quote can illustrate the need for representation.
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