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Edward Prescott

Nobel Prize in Economic Sciences

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English
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Who is Edward Prescott?

American economist who, together with the Norwegian economist Finn E. Kydland, was awarded the Nobel Prize in Economic Sciences in 2004 for his work on time consistency on economic policy, which transformed economic research and practice.

What can you expect from a conference with Edward Prescott?

One of the most important scholars in macroeconomics in the last century, Edward Prescott talks about economic theories, especially the theories of business cycles and general equilibrium. His most recent topics have focused on the negative effects of taxation on the European economy

What has been his professional career? How has he contributed to society?

Having served as professor of economics at universities in different countries such as the United States or Australia, the academia emphasized that with his theories, formulated between 1977 and 1982, Prescott, together with Kydland, offered a new approach to the analysis of macroeconomic development.

Their most influential contributions have been the Real Business Cycle theory and the Time Consistency in Economic Policy theory. With the development of the latter, both scientists turned research on its head and provided a concrete explanation of why efforts to combat inflation in the 1970s had failed. The essence of the theory is based on the fact that an economic policy considered to be the best option often ends up not being implemented if the expectations that have aroused beforehand have led to a change in the behavior of economic actors. This will force politicians to revise their decisions, so that the economy ends up being worse than if they had acted without predetermined criteria.

The theories of Kydland and Prescott were also decisive in demonstrating that independent central banks generate less inflation than those that depend on governments.

Publications and collaborations

Author with Stephen L. Parente of the Book Les richesses défendues, he has also written over 70 articles on topics related to economic development.

Distinctions

He was awarded the Nobel Prize in Economic Sciences in 2004. In addition, he also received the Alexander Henderson Award in 1967 and the Erwin Plein Nemmers Prize in Economics in 2002. He is a member of the American Econometric Society since 1980, of the American Academy of Arts and Sciences since 1992, and of the United States National Academy of Sciences since 2008.

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