If I'm not mistaken, Feldstein argued that social security reduced
overall savings and therefore reduced investment. Two economists at the
Social Security Adm. asked him for his data. It took a while but he
sent the data to them, and they found out that there was an error in the
computer program. When corrected, the results were the opposite of what
he had argued. Of course, he never changed his original views, and I
doubt ever lost a consulting job either. Just one more reason why
neoclassical economics is an ideology and not even close to a science.
Michael Yates
[EMAIL PROTECTED] wrote:
>
> I lost my notes on Martin Feldstein regarding his attack on Social
> Security. Someone pointed out -- I can't remember who -- that his data
> was wrong. Feldstein later admitted this, blamed the error on a
> programmer, and then launched his attack anew. Can anyone refresh my
> memory on this?
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 530-898-5321
> E-Mail [EMAIL PROTECTED]
