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Ecology is the overall science of which economics is a minor speciality.

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Martin Feldstein

Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.

Bring, Deficit, Dollars, Exchange, Reduction, Volume
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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.

Demand, Government, Growth, Running, Stimulus, Work

Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.

Combination, Dividend, Interest, Payment, Trade

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.

Aggravation, Dollar, Dollars, Fell, Months, Value

A second reason why science cannot replace judgement is the behavior of financial markets.

Behavior, Financial, Judgement, Reason, Reason Why, Science

An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers.

America, American, Asia, Latin, Usa, Wage
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