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Edward C. Prescott [1940-0] American

Rank: 103
Economist

Edward Christian Prescott is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E.

Quote	Tags	Rank
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.		101
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.		102
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.		103
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.		104
The Chinese are saving like mad, but they are not getting a very good return on their savings.		105
At some point, the spectacular growth in China has to stop.		106
Monetary policy causes booms and busts.		107
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.		108
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.		109
Economic integration is the path to riches and peace.		110
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.		111
A lot of technological capital has to be absorbed person-to-person, and that happens more quickly if countries are economically integrated.		112
In the category of economic superpowers, more is better than less - the more technology those leaders develop, the more we all benefit.		113
You need a real crisis before you have reforms.		114
The money is nice, but I am not in this game for the money.		115
I love creating models and coming up with explicit structures I can play with.		116
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.		117
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.		118
You can't spend your way to prosperity.		119
If productivity grows, the economy does well.		120
Sometimes pessimism or optimism gets popular, and it's contagious.		121

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