Edward C. Prescott

Edward C. Prescott is an American economist renowned for his work on understanding economic growth and business cycles. He contributed to the development of real business cycle theory, which explains economic fluctuations through changes in productivity and technology rather than just government policy or monetary factors. Prescott's research helps explain how and why economies expand or contract over time. He was awarded the Nobel Prize in Economic Sciences in 2004, recognizing his influential insights into how economies develop and the importance of technological progress and productivity in driving long-term growth.