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LETTER OF TRANSMITTALCOUNCIL OF <strong>ECONOMIC</strong> ADVISERS,Washington, D.C., December 31,1973.THE PRESIDENT:SIR : The Council of Economic Advisers submits this report on its activitiesduring the calendar year 1973 in accordance with the requirements of theCongress, as set forth in Section 4(d) of the Employment Act of 1946.Respectfully,HERBERT STEIN, Chairman.WILLIAM J.GARY L. SEEVERS.FELLNER.233
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
Page 188 and 189: policies, and the tensions among co
Page 190 and 191: In the fourth quarter the dollar ro
Page 192 and 193: which include trade, grants and oth
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Page 198 and 199: in the United States. In view of th
Page 200 and 201: TABLE 52.—U.S. balances on intern
Page 202 and 203: esult from changes in market value
Page 204 and 205: TABLE 54.—Major changes in capita
Page 206 and 207: attempt was made to agree on a code
Page 208 and 209: The official price of gold was rais
Page 210 and 211: system, these demand changes were a
Page 212 and 213: What Pressures Should Be Exerted on
Page 214 and 215: The composition of reserves among d
Page 216 and 217: prices of approximately the same or
Page 218 and 219: tained, they would probably be felt
Page 220 and 221: Reducing Nontariff BarriersIn order
Page 222 and 223: Structural problems. Agreements on
Page 224 and 225: arrangements which are designed to
Page 226 and 227: capital and the means of putting th
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Page 230 and 231: currencies have appreciated relativ
Page 232 and 233: Effective Changes in Other Currenci
Page 235 and 236: Activities of the Advisory Committe
Page 237: Appendix BREPORT TO THE PRESIDENT O
Page 242 and 243: Past Council Members and their date
Page 244 and 245: Governors of the Federal Reserve Sy
Page 246 and 247: Council at a wide range of meetings
Page 248 and 249: ports, and congressional testimony.
Page 251 and 252: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 253: CORPORATE PROFITS AND FINANCE:PageC
Page 256 and 257: TABLE C-2.—Gross national product
Page 258 and 259: TABLE C-3.—Implicit price deflato
Page 260 and 261: TABLE C—4.—Implicit price defla
Page 266 and 267: TABLE C-9.—Gross national pro 3 u
Page 268 and 269: TABLE C-ll.—Gross product origina
Page 270 and 271: TABLE C-13.—Gross private domesti
Page 272 and 273: TABLE C-15.—National income by ty
Page 274 and 275: TABLE C-17.—Disposition of person
Page 276 and 277: TABLE C-19.—Sources of personal i
Page 278 and 279: TABLE C-20.—Sources and uses of g
Page 280 and 281: TABLE C—22.—Number and money in
Page 282 and 283: TABLE C-24.—Noninstitutional popu
Page 284 and 285: TABLE C-25.—Civilian employment a
Page 286 and 287: TABLE O27.—Unemployment by durati
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TABLE C—29.—Wage and salary wor
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TABLE C-30.—Average weekly hours
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TABLE C-32.—Output per man-hour a
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE C—36.—Industrial producti
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TABLE CV38.—New construction acti
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TABLE C—39.—New housing starts
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TABLE C-40.—Business expenditures
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TABLE O42.—Manufacturers' shipmen
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PRICESTABLE C-44.—Consumer price
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TABLE C—46.—Consumer price inde
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TABLE C—48.—Percent changes in
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TABLE O49.—Wholesale price indexe
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TABLE C~50.—Wholesale price index
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Year andmonthMONEY STOCK, CREDIT, A
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TABLE C-54.—Total funds raised in
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TABLE C—55.—Private liquid asse
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TABLE C-57.—Aggregate reserves an
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TABLE G-58.—Bond yields and inter
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TABLE C-60.—Instalment credit ext
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TABLE C-62.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE C-64.—Fed
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TABLE C-65.—Federal budget receip
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TABLE C-67.—Receipts and expendit
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TABLE C-69.—Receipts and expendit
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TABLE C-71.—Public debt securitie
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TABLE C-73.—Average length and ma
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TABLE C-75.—Sales, profits, and s
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TABLE C-76.—Relation of profits a
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TABLE C-78.— Current assets and l
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TABLE C-80.—Common stock prices\
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AGRICULTURETABLE C-82.—Income of
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TABLEC-84.—Farm population, emplo
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TABLE C-86.—Selected measures of
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INTERNATIONAL STATISTICSTABLE C-88.
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TABLE C-89.— U.S. merchandise exp
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TABLE C-91.—U.S. overseas loans a
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End of year ormonth1946 ..194719481
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TABLE C-95.—Price changes in inte
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