Remarks on the influence of Edward Prescott.

This article presents the author's perspective on the work of Edward C. Prescott, a pioneer in macroeconomics. He feels the most significant development in the field has been Prescott's real business cycle model and the research it spurred. Now, everyone believes that productivity shocks account for some employment fluctuations. The model has also proven to be much more adaptable than originally thought. Although the model still generates criticism, that was part of Prescott's intention, as it was intended to instigate further research.