Feldstain is an ass. His 1967 article, "Specification of the Labour Input in the Aggregate Production Function," is a prime piece of cherry-picked propaganda data points. And of course the profession swallowed it without blinking.
On Mon, Oct 27, 2008 at 9:07 PM, michael perelman <[EMAIL PROTECTED]> wrote: > In The Confiscation of American Prosperity, I looked at the career of Martin > Feldstein, until recently longtime director of the National Bureau of > Economic Research, chief economic advisor during the Reagan administration, > and inveterate foe of Social Security. > > In the recent issue of the NBER digest, you can read a short discussion of > Martin Feldstein's "proof" that wages have kept pace with productivity. > > http://www.nber.org/digest/oct08/w13953.html > > In case you do not want to purchase the article, you can read an earlier > version here > > http://www.aeaweb.org/annual_mtg_papers/2008/2008_111.pdf > > The result is a display of incredible virtuosity. By selecting the > appropriate deflators [a measure of inflation], including benefits as part > of wages, and comparing wages with National Income rather than the Gross > Domestic Product, voila, Feldstein manages to get a relatively constant wage > share of national income. > > more at > http://michaelperelman.wordpress.com/2008/10/28/fudging-data-to-prove-markets-are-fair/ > > -- > Michael Perelman > Economics Department > California State University > Chico, CA > 95929 > > 530 898 5321 > fax 530 898 5901 > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
