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The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. It is a part of the Executive Office of the President of the United States, and provides much of the economic policy of the White House. The Council's three members are nominated by the President and approved by the Senate. Paul Samuelson, Nobel Prize in Economics winner. ...
The presidential seal was used by President Hayes in 1880 and last modified in 1969 by adding the 50th star for Hawaii. ...
The Executive Office of the President (EOP) consists of the immediate staff of the President of the United States, as well as multiple levels of support staff reporting to the President. ...
Face-to-face trading interactions among on the New York Stock Exchange trading floor Economics, may just involve more otriches than you think social science, studies the production, distribution, and consumption of commodities. ...
North façade of the White House, seen from Pennsylvania Avenue. ...
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The current chairman of the Council is Edward Lazear, on leave of absence from Stanford University; the other members are Katherine Baicker of UCLA and Matthew Slaughter of Dartmouth. Edward Paul Lazear (1948- ) is an award-winning American economist, considered the founder of personnel economics, and is the chief economic advisor to President George W. Bush. ...
The University of California, Los Angeles, popularly known as UCLA, is a public, coeducational university situated in the neighborhood of Westwood within the city of Los Angeles. ...
Dartmouth College is a private academic institution in Hanover, New Hampshire, in the United States. ...
The recent past chairs of the Council are:
Other influential past members include: Ben Bernanke Ben Shalom Bernanke (born December 13, 1953) (pronounced ber-NAN-kee, bər-nan-kē or ), an American macroeconomist, is the Chairman of the Board of Governors of the United States Federal Reserve (the Fed). He was previously Chairman of the U.S. Presidents Council of Economic...
N. Gregory Mankiw Nicholas Gregory Mankiw (born February 3, 1958) is a macroeconomist. ...
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Currently an economist at the International Institute of Economics, Martin Neil Baily is most known for work on productivity and competitiveness and for his tenure as a cabinet member during the Clinton Administration. ...
Janet Yellen Janet Yellen is an economist and president of the Federal Reserve Bank of San Francisco. ...
Joseph Stiglitz (born February 9, 1943) is an American economist and a member of Columbia University faculty. ...
Laura DAndrea Tyson is currently Dean of the London Business School. ...
Michael Boskin has been a director of Exxon Mobil since 1996. ...
Every year the Council prepares the Economic Report of the President. The staff of the council includes about 20 academic economists, plus four permanent economic statisticians. Alan Greenspan, the thirteenth Federal Reserve Chairman Alan Greenspan (born March 6, 1926) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ...
Otto Eckstein (1927-1984) was a German-born economist at Harvard university, member of the Presidents Council of Economic Advisers, and co-founder of Data Resources Inc. ...
For the convicted Republican political operative, see James Tobin (political operative). ...
Walter Wolfgang Heller (1915-1987) was a leading American economist of the 1960s, and an influential advisor to John F. Kennedy as chairman of the Council of Economic Advisors, 1961-64. ...
Arthur Frank Burns (born April 27, 1904 in Stanyslaviv, Galicia (now Ivano-Frankivsk, Ukraine); died June 6, 1987 in Baltimore) was an American economist. ...
Edwin Griswold Nourse (1883 - 1974) was a U.S. economist. ...
History
The Council was established by the Employment Act of 1946 to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. In its first 7 years the CEA made five technical advances in policy making: 1) the replacement of a "cyclical model" of the economy by a "growth model," 2) the setting of quantitative targets for the economy, 3) use of the theories of fiscal drag and full-employment budget, 4) recognition of the need for greater flexibility in taxation, and 5) replacement of the notion of unemployment as a structural problem by a realization of a low aggregate demand. [Salant 1973] The Employment Act of 1946 laid on the federal governments of America the responsibility for the retention of the stability of the national economy. ...
In 1949 a dispute broke out between chairman Edwin Nourse and member Leon Keyserling. Nourse believed a choice had to be made between "guns or butter" but Keyserling argued that an expanding economy permitted large defense expenditures without sacrificing an increased standard of living. In 1949 Keyserling gained support from powerful Truman advisors Dean Acheson and Clark Clifford. Nourse resigned as chairman, warning about the dangers of budget deficits and increased funding of "wasteful" defense costs. Keyserling succeeded to the chairmanship and influenced Truman's Fair Deal proposals and the economic sections of National Security Council Resolution 68 that, in April 1950, asserted that the larger armed forces America needed would not affect living standards or risk the "transformation of the free character of our economy." [Brune 1989] Edwin Griswold Nourse (1883 - 1974) was a U.S. economist. ...
Dean Acheson Dean Gooderham Acheson (April 11, 1893 – October 12, 1971) was a United States Secretary of State under President Harry S. Truman. ...
Clark McAdams Clifford (December 25, 1906 _ October 10, 1998) was an American lawyer who served for Presidents Truman, Kennedy, and Johnson. ...
In United States history, the Fair Deal was U.S. President Harry S. Trumans policy of social improvement, outlined in his 1949 State of the Union Address to Congress on January 5, 1949. ...
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During the 1953-54 recession, the CEA, headed by Arthur Burns deployed traditional Republican rhetoric. However it supported an activist contracyclical approach that helped to establish Keynesianism as a bipartisan economic policy for the nation. Especially important in formulating the CEA response to the recession - accelerating public works programs, easing credit, and reducing taxes - were Arthur F. Burns and Neil H. Jacoby. [Engelbourg 1980] Arthur Frank Burns (1907–1987) was an Austrian-born economist. ...
The 1978 Humphrey-Hawkins Act required each administration to move toward full employment and reasonable price stability within a specific time period. It has had the effect of making the CEA's annual economic report highly political in nature, as well as highly unreliable and inaccurate over the standard two or five year projection periods. [Cimbala and Stout 1983]
References - Brazelton, W. Robert. Designing U.S. Economic Policy: An Analytical Biography of Leon H. Keyserling Palgrave, 2001.
- Brazelton, W. Robert. "The Economics of Leon Hirsch Keyserling" Journal of Economic Perspectives 1997 11(4): 189-197.
- Brune, Lester H. "Guns and Butter: the Pre-korean War Dispute over Budget Allocations: Nourse's Conservative Keynesianism Loses Favor Against Keyserling's Economic Expansion Plan." American Journal of Economics and Sociology 1989 48(3): 357-371. Issn: 0002-9246
- Cimbala, Stephen J. and Stout, Robert L. "The Economic Report of the President: Before and after the Full Employment and Balanced Growth Act of 1978" Presidential Studies Quarterly 1983 13(1): 50-61.
- Eizenstat, Stuart E. "Economists and White House Decisions" Journal of Economic Perspectives 1992 6(3): 65-71.
- Engelbourg, Saul. "The Council of Economic Advisers and the Recession of 1953-1954" Business History Review 1980 54(2): 192-214.
- Leeson, Robert. "The Political Economy of the Inflation-unemployment Trade-off" History of Political Economy 1997 29(1): 117-156. Issn: 0018-2702
- McCaleb, Thomas S. "The Council of Economic Advisers after Forty Years" Cato Journal 1986 6(2): 685-693. Issn: 0273-3072
- Norton, Hugh S. The Employment Act and the Council of Economic Advisers, 1946-1976 (1977)
- Salant, Walter S. "Some Intellectual Contributions of the Truman Council of Economic Advisers to Policy-making" History of Political Economy 1973 5(1): 36-49.
- Sobel, Robert. Biographical Directory of the Council of Economic Advisers (1988)
- Tobin, James and Weidenbaum, Murray, ed. Two Revolutions in Economic Policy: The First Economic Reports of Presidents Kennedy and Reagan. M. I. T. Press 1988.
- Wehrle, Edmund F. "Guns, Butter, Leon Keyserling, the AFL-CIO, and the Fate of Full-employment Economics." Historian 2004 66(4): 730-748.
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