Edward C. Prescott

Faculty facts

First name

Edward C.

Last name

Prescott

Academic title and academic unit

Former professor W. P. Carey School of Business

Status

Deceased

Award details

Highly prestigious awards

Nobel Foundation Sveriges Riksbank Prize in Economic Sciences 2004 Received while at ASU

National Academy of Sciences Received while at ASU

Faculty spotlight

Spotlight title

National Academy of Sciences member Nobel laureate

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Bio summary

Edward Prescott shared the 2004 Nobel Prize in Economic Sciences for work on dynamic macroeconomics, relating the time consistency of economic policy and the driving forces behind business cycles.

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Edward Prescott at speaking behind a podium.

Bio

Edward Prescott was a Regents Professor and W. P. Carey Chair in Economics and Guggenheim Fellow who shared the 2004 Nobel Prize in Economic Sciences for work on dynamic macroeconomics and driving forces behind business cycles with Finn Kydland. They were cited for transforming “economic research and profoundly influencing the practice of economic policy in general and monetary policy in particular.” His projects included studies of technology capital and the U.S. current account; financial intermediation and financial crises; technology capital openness and development; the needed quantity of government debt; lifetime aggregate labor supply with endogenous workweek length; and equity premium without risk. He was an elected member of the American Academy of Arts and Sciences and the National Academy of Sciences. He received his BA from Swarthmore College, his MS from Case-Western Reserve and PhD from Carnegie-Mellon University. Prescott passed away in 2022.

ASU mourns loss of Nobel-winning economist Edward Prescott, Nov. 7, 2022