Sometimes pessimism or optimism gets popular, and it's contagious. Edward C. Prescott More Quotes by Edward C. Prescott More Quotes From Edward C. Prescott Progess, do not regress. Edward C. Prescott economist 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 employmentnormalway The purpose for a tax system is to collect needed revenue at the least cost to the people. Edward C. Prescott costpurposepeople 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 of the unemployment benefit system to be more important. I was surprised that the welfare gain from reducing the intratemporal tax wedge is so large. Edward C. Prescott gainsdifferencesimportant 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 goodthinkexperiencegovernment 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 nameglobalizationsocietypeople You need a real crisis before you have reforms. Edward C. Prescott needyoucrisisreal Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens. Edward C. Prescott owncreateseeeconomics 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 facteffectpolicyemployment The Chinese are saving like mad, but they are not getting a very good return on their savings. Edward C. Prescott goodlikemadreturn At some point, the spectacular growth in China has to stop. Edward C. Prescott stopsomechinagrowth Monetary policy causes booms and busts. Edward C. Prescott monetary-policypolicycauses In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed. Edward C. Prescott lowgreatgreat-depressiondepression 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 downsomeeconomiceconomy Economic integration is the path to riches and peace. Edward C. Prescott integrationeconomicpathpeace 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 relationshipsopenleadkey 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 capitalmoretechnologicalhappens In the category of economic superpowers, more is better than less - the more technology those leaders develop, the more we all benefit. Edward C. Prescott morebettereconomictechnology The money is nice, but I am not in this game for the money. Edward C. Prescott i-amgamenicemoney I love creating models and coming up with explicit structures I can play with. Edward C. Prescott creatingi-canplaylove
