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Michael Yates is a bit wrong. Feldstein never admitted that he made a mistake. It was the fault of a student assistant. On Fri, Apr 19, 2013 at 3:09 PM, michael yates <mikedjya...@msn.com> wrote: > ====================================================================== > Rule #1: YOU MUST clip all extraneous text when replying to a message. > ====================================================================== > > > This was a student of my friend and excellent economist, Robert Pollin. > Bob was skeptical at first, but he realized that his student (and the > student's girlfriend) was right. This reminded me of the error made by the > wretched Martin Feldstein, who made his name by arguing that the social > security system lowered the rate of capital formation and hence the rate of > economic growth. Two researchers at the Social Security Administration > asked Feldstein for his data, and when, after a couple of years, he gave it > to them, they couldn't replicate his results. He had made a programming > error. He soon redid his work and claimed that the results were the same. > Unfortunately for him the Social Security staffpersons found the opposite > of what Feldstein claimed to be true. As I understand it, Rogoff and > Reinhart have done the same thing, but are backtracking from their claim, > saying they never said what is attributed to them. > > In Paul Krugman's recent NYT column, he doesn't even have the generosity > to mention the graduate student's name. What a prick. > > Of course, nothing will come of this. Austerity will continue. Just as > capital will resist raising the minimum wage, despite the truth that > raising it will boost both incomes and employment. And just as those with > power will continue to insist, with the support of Obama, that the social > security system is near insolvency despite the falsity of this claim. > ________________________________________________ > Send list submissions to: Marxism@greenhouse.economics.utah.edu > Set your options at: > http://greenhouse.economics.utah.edu/mailman/options/marxism/michael.perelman3%40gmail.com > -- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com ________________________________________________ Send list submissions to: Marxism@greenhouse.economics.utah.edu Set your options at: http://greenhouse.economics.utah.edu/mailman/options/marxism/archive%40mail-archive.com
