Nobel economist Edward Prescott addresses 5 macroeconomic myths in today's WSJ:
Myth #1: Monetary policy causes booms and busts. It doesn't.
Myth #2: GDP growth was extraordinary in the 1990s. It was average.
Myth #3: Americans don't save. Measured by economic wealth, we save as much as we always have, and it's the right amount.
Myth #4: The U.S. government debt is big. As a percent of GDP, the deficit this year will be about 2%, below historical average.
Myth #5: Government debt is a burden on our grandchildren. It's not.
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