A second reason why science cannot replace judgement is the behavior of financial markets. – Martin Feldstein
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
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
To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world. – Martin Feldstein