Martin Feldstein facts for kids
Quick facts for kids
Martin Feldstein
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Feldstein at the White House in 1982.
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| 13th Chair of the Council of Economic Advisers | |
| In office October 14, 1982 – July 10, 1984 |
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| President | Ronald Reagan |
| Preceded by | Murray Weidenbaum |
| Succeeded by | Beryl Sprinkel |
| Personal details | |
| Born |
Martin Stuart Feldstein
November 25, 1939 New York City, U.S. |
| Died | June 11, 2019 (aged 79) Boston, Massachusetts, U.S. |
| Political party | Republican |
| Education | Harvard University (AB) Nuffield College, Oxford (BLitt, MA, DPhil) |
| Academic career | |
| Institution | Harvard University (1967–2019) National Bureau of Economic Research (1977–1982, 1984–2019) |
| Field | Macroeconomics, public economics |
| School or tradition |
Neoclassical economics |
| Doctoral advisor |
W. M. Gorman |
| Doctoral students |
Harvey S. Rosen Eli Noam Larry Summers Jeffrey Sachs Joel Slemrod Douglas Elmendorf Jeffrey Liebman Raj Chetty |
| Contributions | Feldstein-Horioka puzzle |
| Awards | John Bates Clark Medal (1977) |
| Information at IDEAS / RePEc | |
Martin Stuart Feldstein (born November 25, 1939 – died June 11, 2019) was an American economist. An economist is a person who studies how money, goods, and services are made, shared, and used. Feldstein was a professor of economics at Harvard University. He also led the National Bureau of Economic Research (NBER) for many years.
From 1982 to 1984, he was the chairman of the Council of Economic Advisers. This group gives economic advice to the U.S. President. He was the main economic advisor to President Ronald Reagan. He often worried about the government's large spending and debt.
Contents
Martin Feldstein's Early Life and Education
Martin Feldstein was born in New York City. He went to South Side High School in New York. He then studied at Harvard University, where he earned a high-level degree in 1961.
After Harvard, he went to Nuffield College, Oxford in England. There, he earned several more degrees, including a D.Phil. (a type of doctorate) in 1967. He also worked as a research fellow at Oxford.
Martin Feldstein's Important Work as an Economist
Martin Feldstein was a very important economist. He wrote over 300 research papers. His work helped us understand many areas of economics.
Awards and Recognition
In 1977, he won the John Bates Clark Medal. This award is given to the best American economist under 40. It shows he was already making a big impact early in his career. He was also chosen to be a member of important groups like the American Academy of Arts and Sciences.
Ideas About Social Security
Feldstein was very interested in how public pension systems work. These are systems like Social Security in the U.S., which provide money for people when they retire. He studied how these systems affect how much people save and when they decide to retire.
He believed that Social Security might make people save less money for their retirement. He also thought it might encourage them to retire earlier. He was a strong supporter of changing the Social Security system.
The "Feldstein–Horioka Puzzle"
One of his famous ideas is called the "Feldstein–Horioka puzzle." He worked on this with another economist, Charles Horioka. They studied how countries invest their money. They found that a country's savings usually stay in that country.
This was surprising because you might expect money to go to other countries where it could earn more. This puzzle has made economists think a lot about how money moves around the world.
Views on the Euro
Feldstein also shared his thoughts on the European Union and the euro currency. He warned that having a single currency in Europe might cause problems. He thought it could lead to more conflicts between countries.
He suggested that the economic problems from a single currency might be bigger than the benefits. During the sovereign debt crisis, he even suggested that some countries might need to temporarily leave the euro. This would let them use their own money and help their economies recover.
Role During the Financial Crisis
In 2005, many thought Feldstein might become the head of the Federal Reserve Board. This is like the central bank of the U.S. that manages money. However, the job went to Ben Bernanke.
Feldstein was a director at a large company called AIG. This company faced big financial problems in 2007–2008. The U.S. government had to help AIG to prevent a bigger economic crisis. Feldstein stepped down from the board in 2009.
In 2008, he said he believed the United States was in a recession. A recession is a time when the economy slows down, and jobs might be lost.
Martin Feldstein's Later Roles and Advice
After his time as a top advisor, Feldstein continued to be involved in important groups. He advised the U.S. Department of Defense. He was also a member of the President's Economic Recovery Advisory Board from 2009 to 2011. This board helped President Obama with economic issues.
He was part of many international groups, like the Trilateral Commission and the Group of Thirty. These groups bring together leaders and experts to discuss global issues. In 2011, he was named one of the "50 Most Influential People" in global finance.
In 2017, Feldstein joined other important figures to suggest a new way to deal with climate change. They proposed a "carbon tax." This would be a tax on things that create carbon pollution, with the money given back to people.
Martin Feldstein's Teaching and Mentoring
Martin Feldstein was a very popular teacher at Harvard University. For 20 years, he taught a big introductory economics class. This class was often the largest at Harvard.
He also taught other courses on American economic policy. Many of his students went on to become very successful. They became leaders in government and in universities. Some of his famous students include Larry Summers, who was a Harvard president and U.S. Treasury secretary, and Jeffrey Sachs, a well-known professor.
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See also
In Spanish: Martin Feldstein para niños
