Should control theory be used for economic stabilization?

Edward C. Prescott

Research output: Contribution to journalArticlepeer-review

46 Scopus citations


In a genetic-historical view of the fundamental revolution in outlook which represents the real beginning of modern natural science was the discovery that the inert objects of nature are not like men, i.e., subject to persuasion, exhortation, coercion, deception, etc., but are "inexorable." The position which we have to combat seems to rest upon an inference, characteristically drawn by the "best minds" of our race, that since natural objects are not like men, men must be like natural objects (Knight, 1941, p. 121).

Original languageEnglish (US)
Pages (from-to)13-38
Number of pages26
JournalCarnegie-Rochester Confer. Series on Public Policy
Issue numberC
StatePublished - 1977
Externally publishedYes


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