Arenson, Karen W. "Martin Feldstein's Computer Error," The New York Times, 5 October

 

Arenson, Karen W. "Martin Feldstein's Computer Error," The New York Times, 5 October
1980, p. F 19.

Here is a report about a major economist (Harvard Professor) who tries to estimate the impact of
Social Security on savings. The hypothesis he is testing is that because of Social Security the
public saves less of its money and capital is lost. He doesn't like Social Security. A student's
computer program which "proved" his point was found to have an error which seriously
overestimated the impact of Social Security on savings. Is he shamed by the error? Does he
apologize? No! In another article on the same page (Martin S. Feldstein, "His Defense," same as
above), he never even mentions the program error. He argues that his point is correct and the
nitpickers are missing the logic of his argument! Empiricism at its best.