You can't spend your way to prosperity. Edward C. Prescott prosperityspend Change image and share on social
I love creating models and coming up with explicit structures I can play with. Edward C. Prescott comecreateexplicit Change image and 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
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
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 effectemploymentestablish 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
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens. Edward C. Prescott artificialcreateeconomics Change image and share on social
You need a real crisis before you have reforms. Edward C. Prescott crisisrealreform Change image and share on social
Sometimes pessimism or optimism gets popular, and it's contagious. Edward C. Prescott contagiousoptimismpessimism Change image and share on social
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 experiencegoodgovernment share on social
