Edward C. Prescott Quotes
You need a real crisis before you have reforms.
See {585430} for a classic example of this principle.
This president served his terms as allowed by the Constitution but then moved to change the constitution so that he could be the dictator as perpetual president. The purpose of constitutions is to limit and control the day to day political process and processes of reform. This stands the purpose of a constitution on its head. Modern totalitarian states almost all have constitutions. However where they differ from democracies is that the dictatorships ignore their constitutions, constantly suspend them in “emergencies” or change them at will to serve the interests of the ruling authorities. See {622125} for a Supreme Court Justice’s view of this kind of situation.
Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration (now Tepper School of Business) at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia. Prescott died of cancer on November 6, 2022, at the age of 81.