New Faces on the Board

Two new members last week joined TIME'S Board of Economists. They are Martin S. Feldstein, 41, and Lester C.

Thurow, 42. Both have gained national attention during the past few years for their analyses of the U.S. economy.

A native of New York City, Feldstein is a professor of economics at Harvard and president of the National Bureau of Economic Research, the official monitor of the American business cycle.

Frequently mentioned as a possible member of Republican Administrations, Feldstein is an advocate of less Government regulation of the private sector of the economy . A major focus of his research has been on the American Social Security system. He contends that the Government's retirement program has transferred vital investment capital into current consumption and thus hindered the long-term development of the economy.

Montana-born Thurow is a professor of economics and management at M.I.T. and was an adviser to George McGovern during the 1972 presidential campaign. He is the author of one of this year's most provocative books on the economy, The Zero-Sum Society. In it he argues in favor of a greater redistribution of income and wealth in American society. He also supports more Government involvement in planning the development of key economic sectors, especially new technologies.

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