Martin Feldstein

Martin Feldstein in 1982

Martin Stuart Feldstein (November 25, 1939 – June 11, 2019) was an influential American economist known for his work on macroeconomics and public finance. He served as the President and CEO of the National Bureau of Economic Research (NBER) from 1977 to 1982 and from 1984 until his death in 2019. Feldstein was also the George F. Baker Professor of Economics at Harvard University. His contributions to economics have been widely recognized, making him a central figure in discussions on fiscal policy and social insurance programs in the United States.

Early Life and Education

Martin Feldstein was born in New York City to a Jewish family. He completed his undergraduate degree at Harvard University, where he showed an early interest in economics. He then traveled to the United Kingdom as a Rhodes Scholar, earning a D.Phil. in economics from the University of Oxford.

Career

Feldstein's career was marked by a blend of academic, advisory, and public service roles. At Harvard, he made significant contributions to the study of health economics, public sector economics, and social security. His research often emphasized the role of fiscal policy and its impact on economic activity, making him a key figure in debates over government spending and taxation.

As the head of the NBER, Feldstein was instrumental in shaping the organization into a leading center for economic research. Under his leadership, the NBER expanded its focus to include a broader range of economic issues, fostering collaboration among economists from various subfields.

Feldstein also played a notable role in public policy. He served as the Chief Economic Advisor to President Ronald Reagan from 1982 to 1984, where he was a strong advocate for tax reform and deficit reduction. Despite his influence, Feldstein often found himself at odds with other members of the Reagan administration over the sustainability of the president's fiscal policies.

Contributions to Economics

Feldstein's work on social security and taxation has had a lasting impact on the field of economics. He was a proponent of reforming social security systems to ensure their long-term viability, arguing for the need to adjust benefits and contributions to reflect demographic changes and economic realities. His research on taxation, particularly the effects of tax rates on economic behavior, has informed debates on tax policy in the United States and abroad.

Awards and Honors

Throughout his career, Feldstein received numerous awards and honors for his contributions to economics. He was a member of the American Academy of Arts and Sciences, the National Academy of Sciences, and a fellow of the Econometric Society. Feldstein was also awarded the John Bates Clark Medal in 1977, recognizing his significant contributions to economic thought and knowledge at a relatively young age.

Death and Legacy

Martin Feldstein passed away on June 11, 2019, leaving behind a rich legacy in the field of economics. His work continues to influence scholars, policymakers, and debates on fiscal policy and social insurance programs. Feldstein's commitment to rigorous economic research and his ability to apply economic theory to practical policy issues remain hallmarks of his distinguished career.