Word: feldstein
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...veto message, King argued that approval of the bill-which requires five-or ten-cent deposits on all beer and soft drink containers--would cost Massachusetts some $100 million. That estimate comes from a study by Martin Feldstein. Harvard's conservative professor of Economics, and his wife, Kathleen. But pundits take Feldstein's bottom-line figure with a liberal dose on salt, especially since Feldstein's predilection for laissez-faire policy is well known. Moreover, an alternative study by MIT economist Franco Modigliani concluded that the costs would be minimal...
...best evidence against King's and Feldstein's verdict, however, comes from other states' experience. The six states which have adopted similar legislation have done so at little cost. Even in Vermont the costs have been negligible, despite prophecies of doom made by bottlers in their massive lobbying effort against the legislation. But King accepted the $100 million figure and repeatedly said it would cost a family of four $80 per year, prohibitively expensive for working families...
...Mitchell has had astonishing success in luring Harvard's finest. Only a handful of professors--most notably Otto Eckstein and Martin Feldstein--have refused to come to dinner. President Bok is another refusenik, but there have been college presidents in attendance. President Horner was honored at an earlier dinner, and B.U. president John R. Silber accepted an invitation to attend last week. (A last-minute conflict forced him to send his deputy instead.) Of Bok Mitchell says, "We're hoping someday he'll accept our invitation. If the president of B.U. will come to a Harvard alumni group, there...
...provide, as Taber puts it, "a high-powered seminar by the country's leading business and academic economists, who perform a vital service by tipping us off to what the economic community is thinking about and pointing out future trends." (Current members: Otto Eckstein of Harvard University, Martin Feldstein of the National Bureau of Economic Research, Alan Greenspan of Townsend-Greenspan & Co., Walter Heller of the University of Minnesota, James McKie of the University of Texas and Joseph Pechman and Charles Schultze of the Brookings Institution.) Two of the board's distinguished alumni are currently high officials...
...borrowing money, the specter of those larger-than-expected budget deficits soon began to cast a shadow over the whole Reagan program. Says Donald Miller, vice chairman of the Continental Illinois Corp.: "Supplyside economics has been oversold, and people have come to expect too much." Adds Conservative Economist Martin Feldstein, president of the National Bureau of Economic Research: "I think the Administration hurt itself by a series of unbelievable statements, starting with those optimistic forecasts about growth of the economy...