Word: feldstein
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...Feldstein's findings conflict with those of William Nordhaus, a member of President Carter's Council of Economic Advisers...
Martin S. Feldstein, professor of Economics, said his study showed the decline in corporate profits since World War II reflected "the random churnings" of the business cycle and not any prolonged deterioration of the profit rate. He said political influences such as oil price controls also contributed to the declining profits...
Nordhaus's contention of a trend' towards falling profits could be used in a case for substantial tax relief for businesses. Feldstein's study showing the declining profit rate to be cyclical could be used by opponents of tax relief arguing that such stimulus is not needed, he added...
...Feldstein said the government adjusts the unemployment figures to account for seasonal lags or spurts in job availability...
...This year they changed to a new type of seasonal adjustment that understated the figures in the spring. So the fall figures are overstated to offset the earlier mistake," Feldstein said...