Edward C. Prescott Quotes

• 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

  Employment, Way, Normal

  12 Copy quote

• Progess, do not regress.

  Edward C. Prescott

  Economist

  14 Copy quote

• The purpose for a tax system is to collect needed revenue at the least cost to the people.

  Edward C. Prescott

  People, Purpose, Cost

  9 Copy quote

• 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

  Differences, Important, Gains

  7 Copy quote

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