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 Copy Share Image
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 Copy Share Image
Multinational companies use their technological know-how in their foreign subsidiaries, so reciprocal multinational relationships are key - they lead to a vested interest in… — Edward C. Prescott Copy Share Image
Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better… — Edward C. Prescott Copy Share Image
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… — Edward C. Prescott Copy Share Image
There is an old maxim which states that good judgment comes from experience, and experience comes from poor judgment. I think something similar can… — Edward C. Prescott Copy Share Image
In the Great Depression, employment was not low because investment was low. Employment and investment were low because labor market institutions and industrial policies… — Edward C. Prescott Copy Share Image
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,… — Edward C. Prescott Copy Share Image
Sometimes pessimism or optimism gets popular, and it's contagious. — Edward C. Prescott Copy Share Image
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed. — Edward C. Prescott Copy Share Image
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens. — Edward C. Prescott Copy Share Image
