Word: feldstein
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Lindsey is best known by students for his job as head section leader for Social Analysis 10, "Principles of Economics," taught by Baker Professor of Economics Martin S. Feldstein...
...Feldstein has chosen Douglas W. Elmendorf toreplace Lindsey as head teaching fellow for Ec 10.Elmendorf, who has yet to receive his doctorate,said yesterday he will serve out the spring as aninstructor in economics and will probably begranted an assistant professorship July 1st afterhe defends his dissertation...
...Feldstein goes a step beyond a dispassionate economic argument by making his plan into a panacea for the trade deficit--when it's not. The United States could let the dollar fall to eliminate its huge trade deficit. As American goods get relatively cheaper and foreign goods more expensive, America will be selling more and buying less, until eventually our trading accounts balance. In fact, Bush may choose to follow this plan to eliminate the deficit...
UNFORTUNATELY, Feldstein accepts these trends as a given. He wrote, "...the dollar now has to be lower than would have been necessary a decade ago. This is reinforced by such fundamental factors as the increasing competitiveness of the newly industrialized countries of Asia...
...Feldstein refers to the "fundamental factor" of declining American competitiveness because he does not believe it needs to be reversed. In fact, making America more competitive should be our economy's top priority...