Phrase by 'Edward C. Prescott'
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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.
Author: Edward C. Prescott - American EconomistPeople , Name , Better , Society
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.
Author: Edward C. Prescott - American EconomistThink , Good , Experience , Government
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.
Author: Edward C. Prescott - American EconomistScientific , Policy , Employment , Fact
The Chinese are saving like mad, but they are not getting a very good return on their savings.
Author: Edward C. Prescott - American EconomistLike , Good , Mad , Savings
At some point, the spectacular growth in China has to stop.
Author: Edward C. Prescott - American EconomistSome , Stop , Growth , China
Monetary policy causes booms and busts.
Author: Edward C. Prescott - American EconomistPolicy , Causes , Monetary Policy
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.
Author: Edward C. Prescott - American EconomistDepression , Great , Low , Investment
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.
Author: Edward C. Prescott - American EconomistSome , Down , Economy , Economic
Economic integration is the path to riches and peace.
Author: Edward C. Prescott - American EconomistPeace , Path , Economic , Integration
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.
Author: Edward C. Prescott - American EconomistLead , Relationships , Open , Key
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