"A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output."
"Whenever you find yourself on the side of the majority, it is time to pause and reflect."Martin Feldstein on Mark Twain
"The hardest thing to understand in the world is the income tax."Martin Feldstein on Albert Einstein
"There are no secrets to success. It is the result of preparation, hard work, and learning from failure."Martin Feldstein on Colin Powell
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all."Martin Feldstein on Dale Carnegie
"If there is anything that a man can do well, I say let him do it. Give him a chance."Martin Feldstein on Abraham Lincoln
"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."
"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."
"But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries."
"Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out private investment or require higher taxes that weaken growth by reducing incentives to save, invest, innovate, and work."
"A second reason why science cannot replace judgement is the behavior of financial markets."
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