Quotes by Edward C. Prescott - Page 1

Progess, do not regress.
Edward C. Prescott / Economist
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You can't spend your way to prosperity.
Edward C. Prescott / Economist
Prosperity
Way
Spend
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Monetary policy causes booms and busts.
Edward C. Prescott / Economist
Causes
Monetary
Monetary Policy
Policy
Policy Monetary Policy Monetary
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If productivity grows, the economy does well.
Edward C. Prescott / Economist
Grows
Productivity
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You need a real crisis before you have reforms.
Edward C. Prescott / Economist
Crisis
Reforms
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Economic integration is the path to riches and peace.
Edward C. Prescott / Economist
Integration
Riches
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At some point, the spectacular growth in China has to stop.
Edward C. Prescott / Economist
Spectacular
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Sometimes pessimism or optimism gets popular, and it's contagious.
Edward C. Prescott / Economist
Contagious
Pessimism
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I love creating models and coming up with explicit structures I can play with.
Edward C. Prescott / Economist
Creating
Explicit
Models
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The purpose for a tax system is to collect needed revenue at the least cost to the people.
Edward C. Prescott / Economist
Cost
People
Purpose
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The Chinese are saving like mad, but they are not getting a very good return on their savings.
Edward C. Prescott / Economist
Chinese
Return
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Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.
Edward C. Prescott / Economist
Artificial
Economists
Wanting
Worlds
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In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.
Edward C. Prescott / Economist
Employment
Great Depression
Investment
Labor
Great Depression Great Depression
Industrial
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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 / Economist
Category
Benefit
Superpowers
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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 / Economist
Integrated
Absorb
Capital
Economically
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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 / Economist
Employment
Formation
Monetary
Monetary Policy
Output
Established
Fed
Scientific
Scientific Fact
Virtually
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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 / Economist
Reciprocal
Multinational
Remaining
Vested
Vested Interest
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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 / Economist
Benevolent
Delicate
Impression
Precision
Pundits
Breaking
Exact
Policymakers
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In the Great Depression, employment was not low because investment was low. Employment and investment were low because labor market institutions and industrial policies changed in a way that lowered normal employment.
Edward C. Prescott / Economist
Employment
Normal
Way
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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 / Economist
Beneficial
Contracts
Good Things
Long Term
Uncertainty
Welfare
Affects
Entered
Mutually
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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 / Economist
Good Judgment
Judgment
Wit
Maxim
Similar
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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 / Economist
Assets
Honor
Inflation
Pension
Pressured
World War Ii
War Government World
Funds
Promises
World War
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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 / Economist
Better Off
Globalization
Investors
Notion
Thankless
Workers
Capital
Economists
Educating
Industries
Near
Ranks
Surely
Wither
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I find it remarkable that virtually all of the large difference in labor supply between France and the United States is due to differences in tax systems. I expected institutional constraints on the operation of labor markets and the nature of the unemployment benefit system to be more important. I was surprised that the welfare gain from reducing the intratemporal tax wedge is so large.
Edward C. Prescott / Economist
Differences
Gains
Important
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