Word: feldstein
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Despite all of these hassles, I listened in section. I did my best to stay awake in lecture. I tried to ignore George F. Baker Professor of Economics Martin S. Feldstein's neoclassical bias and his refusal to acknowledge other viewpoints. I got lucky and had a good section leader (one of the few, according to my other friends in the class) who took extra time to explain things for me. So I managed to learn a thing or two about monopolies...
...price way above the market equilibrium point (E), and quantity far below E. Such a situation means that the price of the good or service is artificially elevated, while quality usually suffers. For those unfamiliar with the lingo, the gist is simple (and oft-repeated in Professor Feldstein's lectures): monopoly bad, free trade good...
...Mystery of the Disappearing Trolls is a mystery no more. Where did all the gnomes go? It's simple - supply of Christina Aguilera goes up, demand for trolls goes down. They're perfect substitutes, as Feldstein would say. How's that for a little detective work. Kiss my ass, Encyclopedia Brown...
...Security plan, he has indicated that he would support taking a portion of money out of the current system and placing it in private accounts. This money could then be invested in stocks and bonds, as has been advocated by Bush advisor and Baker Professor of Economics Martin S. Feldstein '61. Feldstein has argued that private investments will create a "All-Gain, No-Pain" fix for Social Security, as the swirling stock markets buoy the program to higher and higher returns. Yet pleasant fantasies may not serve as the basis for future policy, and there are several persuasive reasons...
Third, taking money out of the current system introduces significant new risks. If a stock downturn comes, there could be serious shortfalls requiring additional spending. Furthermore, administrative costs are likely to be far higher than supporters have predicted, resulting in lower returns. Even Feldstein's plan calls for a period of Trust Fund bankruptcy from 2031 to 2052--bankrupting the system six years early. During that period, the government would have to borrow immense sums to fund the benefits without raising the real interest rate above three percent. The plan relies on further increases in returns and additional infusions...