A second reason why science cannot replace judgement is the behavior of financial markets. – Martin Feldstein
First, I think the science of monetary economics has clearly gotten better. – Martin Feldstein
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The only way that we can reduce our financial dependence on the inflow of funds from the rest of the world is to reduce our trade deficit. – Martin Feldstein
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And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets. – Martin Feldstein
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