American - Economist | December 26, 1940 -
Sometimes pessimism or optimism gets popular, and it's contagious.
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.
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Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.
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In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.
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Economic integration is the path to riches and peace.
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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.
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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.
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The Chinese are saving like mad, but they are not getting a very good return on their savings.
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At some point, the spectacular growth in China has to stop.
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Monetary policy causes booms and busts.
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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.
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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.
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