Remembering Edward Prescott, Nobel Prize Winning Economist
A message from Isabelle Bajeux-Besnainou, Dean of the Tepper School of Business, Richard P. Simmons Professor of Finance
I am saddened to share that we have lost an esteemed member of our Tepper School of Business community. Edward C. Prescott, a Carnegie Mellon University alumnus, former faculty member, and Nobel Prize laureate, passed away on Sunday, Nov. 6.
He studied mathematics at Swarthmore College, operations research at Case Western Reserve University, and economics at Carnegie Mellon University (Ph.D. 1967). In addition to teaching for nine years as a member of the Carnegie Mellon Graduate School of Industrial Administration (GSIA) faculty, Prescott taught at the University of Pennsylvania, University of Chicago, University of Minnesota, and Arizona State University. Prescott's research focused on economic depression, variations in economic performance, and causes for boosting national economic productivity.
In 2004, Prescott was awarded the Nobel Prize in Economics Science, for his “contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles,” according to NobelPrize.org.
Prescott was greatly admired by his colleagues. I’d like to share a few of their many accolades.
From Chester Spatt, the Pamela R. and Kenneth B. Dunn Professor of Finance
From Ali Shourideh, Associate Professor of Economics
From Dennis Epple, the Thomas Lord University Professor of Economics
Edward Prescott was an extraordinary thinker and a titan in macroeconomics, thanks to his extensive work across macroeconomics and economic theory. His brilliant legacy will forever be felt at Carnegie Mellon University, as well as within the vast field of economics.