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Edward C. Prescott Quotes


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Quotes by Edward C. Prescott

Showing 1-10 of 21 Quotes by 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

Topics: Artificial Create Economics Economists Gods Happens Like Little Our Own See Wanting Worlds

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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

Topics: Both Companies Countries Foreign Interest Key Lead Multinational Open Reciprocal Relationships Remaining Technological Use Vested Vested Interest

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In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.

~Edward C. Prescott

Topics: Because Changed Depression Employment Great Great Depression Industrial Institutions Investment Labor Low Market Were

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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

Topics: Benevolent Breaking Created Delicate Despite Down Economic Economy Exact Impression Keep Little Machine Needs Policymakers Precision Pundits Some U.s. Economy

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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

Topics: Effect Employment Established Fact Fed Formation Had Monetary Monetary Policy Output Policy Scientific Since Virtually

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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

Topics: About Allowed Better Better Off Capital Economics Economists Educating Globalization Glory Greater Industries Investors Jobs Lose Name Near Notion Off People Ranks Set Society Some Surely Thankless Themselves Top Wither Workers

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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

Topics: Experience Good Good Judgment Government Judgment Maxim Old Policy Poor Said Similar Something States Think Which Wit I Think

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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

Topics: Chinese Getting Good Like Mad Return Saving Savings Very

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At some point, the spectacular growth in China has to stop.

~Edward C. Prescott

Topics: China Growth Point Some Spectacular Stop

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Monetary policy causes booms and busts.

~Edward C. Prescott

Topics: Causes Monetary Monetary Policy Policy

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Biography

Nationality: American

Type: Economist

Born: December 26th, 1940

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