A second reason why science cannot replace judgement is the behavior of financial markets.
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a pric… - Martin Feldstein
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a pric…
- Martin Feldstein
Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing… - Martin Feldstein
Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing…
And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets. - Martin Feldstein
And finally, no matter how good the science gets, there are problems that inevitably depend on judgment, on art, on a feel for financial markets.
Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean … - Martin Feldstein
Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean …
Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about … - Martin Feldstein
Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about …
Inflation is lower and more stable and the real business cycle fluctuations are more modest. - Martin Feldstein
Inflation is lower and more stable and the real business cycle fluctuations are more modest.
A second reason why science cannot replace judgement is the behavior of financial markets. - Martin Feldstein
We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inf… - Martin Feldstein
We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inf…
The more competitive value of the dollar turned around the trade deficit. - Martin Feldstein
The more competitive value of the dollar turned around the trade deficit.
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