June 29, 2012
Stanford economics institute awards $100K prize for policy contributions
This year's recipient of the SIEPR Prize for Contributions to Economic Policy, Harvard Professor Martin S. Feldstein, is being recognized for his research on Social Security, budget deficits and the impact on the economy of changing demographics.
By Michelle Mosman
Martin Feldstein is the second winner of the SIEPR Prize for Contributions to Economic Policy. (Photo: Courtesy of Harvard University)
The Stanford Institute for Economic Policy Research is honoring Harvard Professor Martin S. Feldstein for his contributions to economics.
Feldstein, who will receive the second SIEPR Prize for Contributions to Economic Policy at an event this fall, is also president emeritus of the National Bureau of Economic Research and a former chairman of the Council of Economic Advisors.
The SIEPR Prize for Contributions to Economic Policy is awarded every other year and carries a $100,000 award. The first recipient, in 2010, was Paul Volcker, former chairman of the Federal Reserve System.
Initial funding for the award came from George P. Shultz, former U.S. secretary of treasury, labor and state, and a distinguished fellow at Stanford's Hoover Institution. Shultz also played an important role in the creation of SIEPR and serves on the prize selection committee.
The prize recognizes those who have made outstanding lifetime contributions to improving the design and conduct of economic policy in the United States or abroad.
Besides Shultz, SIEPR's selection committee includes Jim Poterba, president of the National Bureau of Economic Research; John Shoven, director of SIEPR; and Kenneth Arrow and Gary Becker, both Nobel Prize winners in economics.
"I think Marty is a perfect choice for this prize," Shoven said. "He led the profession in analyzing Social Security, he was one of the first economists to focus on health policy, and he was ahead of the curve in thinking about how changing demographics are impacting the economy."
Shoven also praised Feldstein for his ideas on how to improve the functioning of the economy, and said Feldstein "warned early on of the economic costs of large budget deficits."
Feldstein began teaching at Harvard in 1967. He also is president emeritus of the National Bureau of Economic Research, a private, nonprofit research organization that has specialized for more than 90 years in producing nonpartisan studies of the American economy.
From 1982 through 1984, Feldstein was chairman of the Council of Economic Advisers and President Ronald Reagan's chief economic adviser. He served as president of the American Economic Association in 2004, and in 2006, President George W. Bush appointed him to be a member of the President's Foreign Intelligence Advisory Board.
In 2009, President Barack Obama appointed him to be a member of the President's Economic Recovery Advisory Board.
Feldstein is a graduate of Harvard College and Oxford University.
SIEPR is an economic policy research organization and is non-partisan in political orientation. SIEPR scholars conduct research on important economic policy issues in the United States and other countries. The goal of the institute is to inform and advise policy makers and the public, and to guide their decisions with sound policy analysis. In the course of their research, SIEPR faculty train, educate, and support doctorate students as future economic policy analysts.
Michelle Mosman is the Director of Communications for SIEPR.