How intangible capital may explain rising labour productivity during recessions
26 Oct 2021 Leave a comment
in applied price theory, business cycles, economic growth, economic history, Edward Prescott, entrepreneurship, financial economics, global financial crisis (GFC), great recession, macroeconomics, monetary economics
“The sharp drop in intangible investment contributes to a decline in actual economic output greater than that measured by official government GDP accounts. This implies that in the actual U.S. economy, true labor productivity declined significantly during the recent recession—a finding consistent with established aggregate theory based on the neoclassical model of economic growth. Thus, McGrattan and Prescott’s experiment solves the labor productivity puzzle by reconciling the apparent mismatch between theory and economic data that show labor productivity bucking the GDP trend. “The addition of intangible capital and non- neutral technology to the model was crucial in accounting for high productivity and low GDP during the period,” they write.”
From https://www.minneapolisfed.org/article/2012/unmeasured-investment
Lecture 1: Empirical overview of macro development
22 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, econometerics, economic growth, economic history, Edward Prescott, growth disasters, growth miracles, history of economic thought, industrial organisation, labour economics, labour supply, law and economics, macroeconomics, property rights, Robert E. Lucas
Edward Prescott on real business cycles (2002)
16 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, budget deficits, business cycles, econometerics, economic growth, economic history, Edward Prescott, history of economic thought, macroeconomics, monetary economics Tags: Japan, real business cycles, taxation and labour supply
Prescott on Eurosclerosis
13 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, economic growth, economic history, Edward Prescott, history of economic thought, labour economics, labour supply, macroeconomics Tags: taxation and entrepreneurship taxation and labour supply, taxation and investment, taxation and savings
Robert Lucas sums up business cycles
11 Oct 2021 Leave a comment
in business cycles, economic history, Edward Prescott, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, monetary economics, Robert E. Lucas Tags: real business cycles
Ellen McGrattan on the Great Recession
11 Oct 2021 Leave a comment
in applied price theory, business cycles, economic growth, economic history, economics of education, Edward Prescott, entrepreneurship, financial economics, global financial crisis (GFC), great recession, history of economic thought, human capital, industrial organisation, labour economics, labour supply, macroeconomics, occupational choice, survivor principle Tags: real business cycles
Edward C. Prescott money in the production function
09 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, business cycles, economic growth, Edward Prescott, financial economics, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: real business cycles
Edward Prescott: Labor Reform and Crisis Recovery – Barcelona GSE
05 Oct 2021 Leave a comment
in business cycles, economic growth, Edward Prescott, fiscal policy, global financial crisis (GFC), great depression, great recession, labour economics, labour supply, macroeconomics, monetary economics, unemployment
Edward C. Prescott: Importance of Good Governance for Economic Prosperity
25 Sep 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic growth, economic history, Edward Prescott, entrepreneurship, fiscal policy, fisheries economics, global financial crisis (GFC), great recession, growth disasters, growth miracles, history of economic thought, income redistribution, industrial organisation, international economics, labour economics, labour supply, macroeconomics, politics - USA, population economics, Public Choice, public economics, rentseeking Tags: real business cycles
A Keynote Speech & Dialogue with 2004 Nobel Laureate in Economics, Prof. Finn Kydland
20 Sep 2021 Leave a comment
in applied price theory, applied welfare economics, budget deficits, business cycles, comparative institutional analysis, constitutional political economy, defence economics, economic growth, economic history, economics of bureaucracy, Edward Prescott, entrepreneurship, fiscal policy, global financial crisis (GFC), great recession, growth disasters, growth miracles, history of economic thought, human capital, labour economics, labour supply, law and economics, macroeconomics, monetary economics, property rights, Public Choice
Business Cycles – Edward C. Prescott 2/15
11 Sep 2021 Leave a comment
in applied price theory, budget deficits, business cycles, development economics, economic growth, economic history, Edward Prescott, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, history of economic thought, income redistribution, labour economics, labour supply, macroeconomics, monetary economics Tags: real business cycles
Utopia, you are standing in it! 
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