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… — Edward C. Prescott Copy Share Image
The purpose for a tax system is to collect needed revenue at the least cost to the people. — 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
