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CONTENTSPageECONOMIC REPORT OF THE PRESIDENT 1ANNUAL REPORT OF THE COUNCIL OF ECONOMICADVISERS* 13CHAPTER 1. ECONOMIC POLICY AND OUTLOOK 23CHAPTER 2. ECONOMIC REVIEW OF 1976 58CHAPTER 3. THE WORLD ECONOMY IN 1976 100CHAPTER 4. POLICIES TO INCREASE SUPPLY 136APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THECOUNCIL OF ECONOMIC ADVISERS DURING 1976 171APPENDIX B. STATISTICAL TABLES RELATING TO INCOME, EMPLOY-MENT, AND PRODUCTION 181*For a detailed table of contents of the Council's Report, seepage 17.
Page 1: ECONOMICTRANSMITTEDTO THE CONGRESSJ
Page 7: ECONOMIC REPORTOF THE PRESIDENT
Page 10 and 11: tion and the improved state of fina
Page 12 and 13: years. Although the course of faste
Page 14 and 15: The number of commissions, agencies
Page 16 and 17: have emphasized the need to maintai
Page 19: THE ANNUAL REPORTOF THECOUNCIL OF E
Page 23 and 24: CONTENTSPageCHAPTER 1. ECONOMIC POL
Page 25 and 26: CHAPTER 4. POLICIES TO INCREASE SUP
Page 27: List of Tables and Charts—Continu
Page 30 and 31: of the 1970s if the Nation is to ac
Page 32 and 33: 2. Tax reduction should be permanen
Page 34 and 35: A number of factors may have preven
Page 36 and 37: Chart 2Ratio of Market Value of Non
Page 38 and 39: The proposed $10-billion permanent
Page 40 and 41: alone cannot serve as a guide to mo
Page 42 and 43: economic recovery by forcing a rand
Page 44 and 45: machinery and ferrous and nonferrou
Page 46 and 47: argue that some extra catching up m
Page 48 and 49: increase in nominal wages in 1977 s
Page 50 and 51: marketing margin—costs added to m
Page 52 and 53: Chart 3Productivity in the PrivateB
Page 54 and 55:
While allocation of resources to re
Page 56 and 57:
TABLE 5.—Civilian unemployment ra
Page 58 and 59:
GROWTH IN POTENTIAL OUTPUTPotential
Page 60 and 61:
TABLE 6.—Potential and actual gro
Page 62 and 63:
The statistical methods used to adj
Page 64 and 65:
CHAPTER 2Economic Review of 1976HP
Page 66 and 67:
TABLE 8.—Growth of real consumpti
Page 68 and 69:
Last year's Report noted that inves
Page 70 and 71:
udgetary crisis of New York City em
Page 72 and 73:
primarily because of the removal of
Page 74 and 75:
wage rate change during the first 3
Page 76 and 77:
the first half of 1976, when expend
Page 78 and 79:
A shortfall in Federal spending of
Page 80 and 81:
the latter may not immediately refl
Page 82 and 83:
THE FISCAL BALANCESThe Federal defi
Page 84 and 85:
locative implications of the result
Page 86 and 87:
and should be used with caution in
Page 88 and 89:
Chart 6Interest RatesPERCENT PER AN
Page 90 and 91:
EMPLOYMENT, UNEMPLOYMENT, AND INCOM
Page 92 and 93:
the second quarter, 7.7 percent in
Page 94 and 95:
TABLE 22.—Income transfer program
Page 96 and 97:
(the earliest data available) to 11
Page 98 and 99:
domestic wells since 1971. From May
Page 100 and 101:
TABLE 24.—Changes in consumer pri
Page 102 and 103:
and poultry CPI deflated by the ove
Page 104 and 105:
Following a recent emphasis on inte
Page 106 and 107:
CHAPTER 3The World Economy in 1976S
Page 108 and 109:
there was considerable room for exp
Page 110 and 111:
1976. Only exports seemed to remain
Page 112 and 113:
tions the authorities began to form
Page 114 and 115:
after the first quarter of 1976. Th
Page 116 and 117:
that this phenomenon was general am
Page 118 and 119:
use of resources. In such instances
Page 120 and 121:
Among the industrial countries, tho
Page 122 and 123:
Chart 7Exchange Rates for SelectedI
Page 124 and 125:
In fact trade surpluses of both the
Page 126 and 127:
Chart 8Interest Rates in SelectedIn
Page 128 and 129:
One of the theories put forward in
Page 130 and 131:
CURRENT ACCOUNT POSITIONS AND FINAN
Page 132 and 133:
OPEC SURPLUSESAdjustment problems o
Page 134 and 135:
eign central banks in exchange mark
Page 136 and 137:
Bank lending also rose substantiall
Page 138 and 139:
The general assessment of the exper
Page 140 and 141:
schedule the external debt of Zaire
Page 142 and 143:
CHAPTER 4Policies to Increase Suppl
Page 144 and 145:
of a downturn in economic activity.
Page 146 and 147:
YouthEmploymentYouths have much hig
Page 148 and 149:
up an increased proportion of the p
Page 150 and 151:
jobs and reducing poverty are separ
Page 152 and 153:
the means-tested income transfer pr
Page 154 and 155:
incentives for technological improv
Page 156 and 157:
Thus price competition is not likel
Page 158 and 159:
usinesses and institutions have had
Page 160 and 161:
ity generation. If the regulations
Page 162 and 163:
identify the causes of a disease, a
Page 164 and 165:
Second, the economic costs generate
Page 166 and 167:
a legislated target price and the m
Page 168 and 169:
price stability without the risks i
Page 170 and 171:
the credit have led to significantl
Page 172 and 173:
TAX INTEGRATIONIntegration of the c
Page 174 and 175:
Nevertheless, if the difficulties i
Page 177:
Appendix AREPORT TO THE PRESIDENT O
Page 181 and 182:
Report to the President on the Acti
Page 183 and 184:
the Council of Economic Advisers, t
Page 185 and 186:
PROFESSIONAL STAFFAt the end of 197
Page 187:
Appendix BSTATISTICAL TABLES RELATI
Page 190 and 191:
PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 193 and 194:
NATIONAL INCOME OR EXPENDITURETABLE
Page 195 and 196:
TABLE B-2.—Gross national product
Page 197 and 198:
TABLE B-3.—Implicit price deflato
Page 199 and 200:
TABLE B~5.—Gross national product
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
TABLE B-10.—Gross national produc
Page 207 and 208:
TABLE B-12.—Output, costs, and pr
Page 209 and 210:
TABLE B-14.—Gross private domesti
Page 211 and 212:
TABLE B-16.—Inventories and final
Page 213 and 214:
TABLE B-18.—Relation of national
Page 215 and 216:
TABLE B-19.—National income by ty
Page 217 and 218:
Year orquarter192919331939....19401
Page 219 and 220:
TABLE B-22.—Total and per capita
Page 221 and 222:
TABLE B-24.—Saving by individuals
Page 223 and 224:
POPULATION, EMPLOYMENT, WAGES, ANDP
Page 225 and 226:
TABLE B-27.—Noninstitutional popu
Page 227 and 228:
TABLE B-29.—Selected unemployment
Page 229 and 230:
Yearor month1946...1947...1948...19
Page 231 and 232:
TABLE B-32.—Wage and salary worke
Page 233 and 234:
TABLE B-34.—Average weekly earnin
Page 235 and 236:
TABLE B-36.—Changes in productivi
Page 237 and 238:
TABLE B—38.—Industrial producti
Page 239 and 240:
TABLE B-40.—Capacity utilization
Page 241 and 242:
TABLE B-41.—New construction acti
Page 243 and 244:
TABLE B-43.-—Business expenditure
Page 245 and 246:
TABLE B-45.—Manufacturers 9 shipm
Page 247 and 248:
PRICESTABLE B-47.—Consumer price
Page 249 and 250:
TABLE B-49.—Consumer price indexe
Page 251 and 252:
TABLE B-51.—Consumer price indexe
Page 253 and 254:
TABLE B-53.—Wholesale price index
Page 255 and 256:
TABLE B-54.— Wholesale price inde
Page 257 and 258:
TABLE B-55.—Wholesale price index
Page 259 and 260:
MONEY STOCK, CREDIT, AND FINANCETAB
Page 261 and 262:
TABLE B-59.—Private liquid asset
Page 263 and 264:
TABLE B- 60.—Total funds raised i
Page 265 and 266:
TABLE B—62.—Aggregate reserves
Page 267 and 268:
TABLE B-63.—Bond yields and inter
Page 269 and 270:
TABLE B-65.—Mortgage debt outstan
Page 271 and 272:
TABLE B-67.—Net public and privat
Page 273 and 274:
TABLE B-68.—Federal budget receip
Page 275 and 276:
TABLE B-70.—Relation of the Feder
Page 277 and 278:
TABLE E-72.—Receipts and expendit
Page 279 and 280:
TABLE B-74.—State and local gover
Page 281 and 282:
End of year ormonthTABLE B-76.—Es
Page 283 and 284:
CORPORATE PROFITS AND FINANCETABLE
Page 285 and 286:
TABLE R-79.—Corporate profits by
Page 287 and 288:
TABLE B-80.—Corporate profits of
Page 289 and 290:
TABLE B-82.—Relation of profits a
Page 291 and 292:
TABLE B—84.—Sources and uses of
Page 293 and 294:
TABLE B-86.—State and municipal a
Page 295 and 296:
TABLE B-88.—Business formation an
Page 297 and 298:
TABLE B-90.— Farm production inde
Page 299 and 300:
TABLE B-92.—Indexesof prices rece
Page 301 and 302:
TABLE B-94.—Comparative balance s
Page 303 and 304:
TABLE B-95.—U.S. international tr
Page 305 and 306:
TABLE B-97.— U.S. merchandise exp
Page 307 and 308:
TABLE B-99.—International reserve
Page 309 and 310:
TABLE R-101.—International invest
Page 311:
TABLE B-103.—Consumer price index
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ECONOMIC

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