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Edward Prescott

Edward Prescott is a co-winner of the 2004 Nobel Prize in economics and director of the Center for the Advanced Study in Economic Efficiency at Arizona State University.

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Recent Commentary

Analysis and Commentary

Tarnishing The Golden And Empire States: Land-Use Restrictions And The U.S. Economic Slowdown

by Kyle F. Herkenhoff, Lee Ohanian, Edward Prescottvia The National Bureau Of Economic Research
Friday, October 13, 2017

This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014. We show that these restrictions have generally tightened over time, particularly in California and New York. 

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Prescott, Ohanian: How The Golden State Lost Its Luster

by Edward Prescott, Lee Ohanianquoting Eric Hanushekvia San Jose Mercury News
Monday, July 11, 2016

Last month's $167 billion dollar budget deal forged by Gov. Jerry Brown and California lawmakers is four times as large in per capita terms as it was in the early 1960s under Brown's father, Gov. Pat Brown. But despite spending less, the budgets of yesteryear contributed considerably more to economic growth.

© Frederic de Villamil / LeWeb / Creative Commons

A Better Start for Startups

by Lee Ohanian, Edward Prescottvia Hoover Digest
Wednesday, January 28, 2015

New businesses drive productivity—unless taxes and regulation strangle them.

Business Abstract
Analysis and Commentary

Behind the Productivity Plunge: Fewer Startups

by Lee Ohanian, Edward Prescottvia Wall Street Journal
Thursday, June 26, 2014

In the first quarter of 2014, GDP in the U.S. plunged at a 2.9% annual rate, and productivity—the inflation-adjusted business output per hour worked—declined at a 3.5% annual rate.

Economic Crisis
Analysis and Commentary

U.S. Productivity Growth Has Taken a Dive

by Lee Ohanian, Edward Prescottvia Wall Street Journal
Tuesday, February 4, 2014

In his State of the Union address last Tuesday, and in speeches across the country since, President Obama has emphasized that Washington needs to "do more to help the entrepreneurs and small business owners who create most new jobs in America." He's right.

Analysis and Commentary

Prescott and Ohanian: Taxes Are Much Higher Than You Think

by Lee Ohanian, Edward Prescottvia Wall Street Journal
Tuesday, December 11, 2012

President Obama argues that the election gave him a mandate to raise taxes on high earners, and the White House indicates that he won't compromise on this issue as the so-called fiscal cliff approaches.