Word: feldstein
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Congress has been considering a proposal to reduce the minimum wage for all teen-agers to 75% of the adult minimum, but that might just inspire employers to hire well-schooled middle-class youth at the expense of older workers. A better compromise, suggested by Harvard Economist Martin Feldstein, would be for the Government to subsidize minimum-wage payments to the youthful unemployed. Directed specifically to the underclass, the program would allow businessmen to pay a fraction of the cost for jobs that they might otherwise refuse to fill. Another wise Government investment would be to shift some federal funds...
...Feldstein said there is a disagreement between the two findings because the studies differed in scope and methodology but that the conflict had been blown out of proportion...
...Feldstein said Nordhaus based his pessimistic conclusion about the fate of capitalism on the declining share of the gross national product accounted for by corporate profits while he, Feldstein, measured the rate of profits as a return on invested capital. He said his study included data about the profit rate in 1974 that was unavailable to Nordhaus...
...Feldstein said his study also differed in that he ran his findings through a computer in a test to determine the profit trend over a period of time, and substantiate his theory, while Nordhaus...
Dwight W. Perkins, chairman of the Economics Department, declined to comment on the conflicting studies because he said he needed more time to review Feldstein's findings...