Quotes by: Edward C. Prescott

1
Edward C. Prescott
Prescott in 2015
Born (1940-12-26) December 26, 1940 (age 76)
Glens Falls, New York, USA
Nationality United States
Institution Australian National University (ANU)
Arizona State University
Carnegie Mellon University
Federal Reserve Bank of Minneapolis
Federal Reserve Bank of Richmond
Northwestern University
University of Minnesota
University of Pennsylvania
University of California, Santa Barbara
University of Chicago
New York University
School or
tradition
New classical economics
Alma mater Swarthmore College
Case Western Reserve University
Carnegie Mellon University
Doctoral
advisor
Michael C. Lovell
Doctoral
students
Costas Azariadis
Gary Hansen
Finn Kydland
José Víctor Ríos-Rull
V. V. Chari
Fernando Alvarez[1]
Influences Morris H. DeGroot
Robert Lucas, Jr.
John Muth
Influenced Edward Green
Rajnish Mehra
Contributions Real Business Cycle theory
Time consistency in economic policy
Awards Nobel Prize in Economics (2004)
Information at IDEAS / RePEc

In the category of economic superpowers, more is better than less - the more technology those leaders develop, the more we all benefit.
Edward C. Prescott
The Chinese are saving like mad, but they are not getting a very good return on their savings.
Edward C. Prescott
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.
Edward C. Prescott
Despite the impression created by some economic pundits, the U.S. economy is not a delicate little machine that needs to be fine-tuned with exact precision by benevolent policymakers to keep from breaking down.
Edward C. Prescott
Multinational companies use their technological know-how in their foreign subsidiaries, so reciprocal multinational relationships are key - they lead to a vested interest in both countries to remaining open.
Edward C. Prescott
There is an old maxim which states that good judgment comes from experience, and experience comes from poor judgment. I think something similar can be said of government policy, to wit: Good policy comes from experience, and experience comes from poor policy.
Edward C. Prescott
A lot of technological capital has to be absorbed person-to-person, and that happens more quickly if countries are economically integrated.
Edward C. Prescott
After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.
Edward C. Prescott
The Chinese are saving like mad, but they are not getting a very good return on their savings.
Edward C. Prescott
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.
Edward C. Prescott
Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.
Edward C. Prescott
Random distributions are not good things, because people are risk-averse, and this risk adversely affects their welfare. If you get too much price uncertainty, all kinds of long-term, mutually beneficial contracts can't be entered into.
Edward C. Prescott
I love creating models and coming up with explicit structures I can play with.
Edward C. Prescott
It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.
Edward C. Prescott
1

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