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 benevolentbreakcreate share on social
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 adverselyaffectaverse share on social
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed. Edward C. Prescott changedepressionemployment Change image and share on social
At some point, the spectacular growth in China has to stop. Edward C. Prescott chinagrowthpoint Change image and share on social
The money is nice, but I am not in this game for the money. Edward C. Prescott gamemoneynice Change image and share on social
Economic integration is the path to riches and peace. Edward C. Prescott economicintegrationpath Change image and share on social
The Chinese are saving like mad, but they are not getting a very good return on their savings. Edward C. Prescott chinesegoodmad Change image and share on social
If productivity grows, the economy does well. Edward C. Prescott economygrowproductivity Change image and share on social
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 absorbcapitalcountry Change image and share on social
Monetary policy causes booms and busts. Edward C. Prescott boombustmonetary Change image and share on social
