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 Read Quote
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 Read Quote
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 Read Quote
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed. Edward C. Prescott Read Quote
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 Read Quote