Word: feldstein
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Lesnoy and Leimer challenge both the statistical soundness of Feldstein's computer analysis and his choice of evidence, and a number of economists seem to share their concern...
Says MIT Professor of Economics Edwin Kuh, "When you have a reasonable theory and strong data it is practical to test hypotheses with time series analysis [the type of computer study Feldstein used], but in the case of the Feldstein controversy these conditions were...
...book, Economic Effects of Social Security, Aaron called the results of the controversy surrounding Feldstein's work a "statistical cacophony." Refering to work by several economists in addition to Lesnoy and Leimer, Aaron wrote that, "almost all participants have concluded that essentially nothing can be learned about the effects of social security on saving from time series analysis...
...Feldstein's critics argue that time series studies cannot prove a relationship between savings data and projections of social security wealth...
Aaron concludes, "It is clear that Feldstein's theoretical analysis has been vigorously challenged by scholars engaged in research on social security, and his empirical findings have been discredited...