A Quote by Edward C. Prescott

In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.

Edward C. Prescott

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Because Changed Depression Employment Great Great Depression Industrial Institutions Investment Labor Low Market Were

Quote Author

Edward C. Prescott
American - Economist
Born: December 26, 1940

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

These results add up to perhaps the most important investment lesson of all that can be drawn from this week's market anniversaries: Predicting turns in the market is incredibly difficult to do consistently well. That means that, if your investment strategy going forward is dependent on your anticipating major market turning points, your chances of success are extremely low.

Mark Hulbert

Through much of its history, the US did not have high inequality as compared with Europe. Less so, in fact. That began to change in the industrial age, reaching a peak in 1928, after the forceful destruction of the labor movement and crushing of independent thought. Largely as a result of labor mobilization, inequality declined during the Great Depression, a tendency continuing through the great growth period of regulated capitalism in the early postwar decades.

Noam Chomsky

Gary is a really impoverished town; it's in industrial decay. There's low employment and things of that nature.

Freddie Gibbs

There prevails on a free labor market a tendency toward full employment.

Ludwig von Mises

India should emerge as a destination that attracts people to invest here, which, in turn, will give a boost to investment, industrial growth and employment opportunities.

Anurag Thakur

Market capitalism survived and prospered after the boom-bust industrial revolution of the 19th century, and the Great Depression and world wars of the 20th century. It will recover from the financial panic of 2008-09 and Obamanomics.

Mark Skousen

The Great Depression was going on, so that the station and the streets teemed with homeless people, just as they do today. The newspapers were full of stories of worker layoffs and farm foreclosures and bank failures, just as they are today. All that has changed, in my opinion, is that, thanks to television, we can hide a Great Depression. We may even be hiding a Third World War.

Kurt Vonnegut

I feel like I went through the Great Depression. All these companies are being successful around you, you're on that track, and then the market collapses, and you're out of a job. You're trying to save your investors' investment, and it doesn't work, and you sell the company for nothing. It was brutal.

Nick Woodman

During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.

Joseph Stiglitz

Shifting towards low-carbon energy systems can avert climate catastrophe while creating new opportunities for investment, growth, and employment.

Kofi Annan

Art is not an investment. Art is something you buy because you are financially solvent enough to give yourself a pleasure of living with great works rather than having to just see them in museums. People who are buying art at the top of the market as an investment are foolish.

Arne Glimcher

The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.

Thomas Sowell

There is no question that automation is - and has been since the start of the Industrial Revolution - displacing workers and creating disruption within the economy and labor market.

Charlie Kirk

The Recovery Act, which helped saved the economy and prevented us going into the Great Depression, was the largest investment in green technology, the largest investment in education. We rebuilt roads and bridges.