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The Chinese are saving like mad, but they are not getting a very good return on their savings.

- Edward C. Prescott
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Author:
Edward C. Prescott
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Good
Mad
Savings
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At some point, the spectacular growth in China has to stop.

Random distributions are not good things, because people are risk-averse, and this risk adversely affects their welfare. If you get too much price uncertainty, all kinds of long-term, mutually beneficial contracts can't be entered into.

You can't spend your way to prosperity.

Monetary policy causes booms and busts.

Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.

It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.

I love creating models and coming up with explicit structures I can play with.

Economic integration is the path to riches and peace.

A lot of technological capital has to be absorbed person-to-person, and that happens more quickly if countries are economically integrated.

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The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.

The Chinese are saving like mad, but they are not getting a very good return on their savings.