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Edward C. Prescott

Edward C. Prescott is Regents' Professor at the University of Minnesota and Economic Advisor, Federal Reserve Bank of Minneapolis.

Titles by This Author

Why isn't the whole world as rich as the United States? Conventional views holds that differences in the share of output invested by countries account for this disparity. Not so, say Stephen Parente and Edward Prescott. In Barriers to Riches, Parente and Prescott argue that differences in Total Factor Productivity (TFP) explain this phenomenon. These differences exist because some countries erect barriers to the efficient use of readily available technology.