Remembering Bob Prasch

From Otto Nagengast ’17

In the fall, I was part of the Federal Reserve Challenge team and Professor Prasch was helping us one late night in the library. At one point during the two or so hours he spent answering our questions, we started talking about deflation and its harmful effects on the economy. Professor Prasch told us a story about the time he met Paul Volcker, a Fed Chairman during the 1970s and 1980s, at a conference. Professor Prasch walked up to Mr. Volcker, a celebrity in economics and policy circles, and asked, “Hey, do you remember me? We worked together back in the 1980s.” Mr. Volcker said, “No, I don’t. I’m sorry.” Professor Prasch responded, “Yeah, you wrung inflation out of the economy, and I was unemployed. Together, we tackled the high inflation rate!”

I’ll always remember this story. I think it is an example both of his great mind and of his great humor. In the handful of conversations I had with him, I came to appreciate his candor when it came to economics, which always pushed me to think about things twice. Professor Prasch was a brilliant professor, and he will be missed.

 

Otto Nagengast ’17

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