Alumnus Edward C. Prescott shared the 2004 Nobel Memorial Prize in Economic Sciences with Finn E. Kydland for their theory on business cycles and economic policies. The two co-authored one paper that argued the aim of economic policy is to yield a desired economic response, and another that held that long-term increases in standards of living and short-term business fluctuations were the result of supply shifts brought about by technological advancements.
Select photos courtesy of University Archives.