ECONOMIC

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Council at a wide range of meetings, where they assume major responsibilityfor the Council's involvement. Whenever the Chairman is absent fromWashington, one of the Council Members automatically becomes ActingChairman.In practice the Chairman and the Council Members work as a team. Foroperational reasons, however, subject matter is divided among them informally.Mr. Seevers is responsible for the areas encompassing the EconomicStabilization Program, international trade, energy and natural resources,food and agriculture, urban and national growth policy, transportation, regulatedindustries, environmental problems, and antitrust.Mr. Fellner's special responsibilities comprise business conditions, shorttermforecasting, monetary and fiscal policy, international finance, manpowertraining and employment, financial markets, housing, the economicrole of women, taxation, social security, and health, education, and welfare.PROFESSIONAL STAFFAt the end of 1973 the professional staff consisted of 14 senior staff economists,two statisticians, and 10 members of the junior research staff.Members of the professional staff were responsible for economic analysisand policy recommendations in major subject areas involving the Council'sinterests and responsibilities. In addition, staff economists carried out manydifferent Council and interagency assignments requiring the application oftheir knowledge and analytical skills. The professional staff and their specialfields at the end of the year were:Senior Staff EconomistsGeorge A. AkerlofBarry R. ChiswickJohn D. DarrochJohn M. Davis, JrGeza M. FeketekutyMurray F. FossGeorge M. von Furstenberg....Mary W. HookBenton F. MassellLeo V. MayerJune A. O'NeillJoel PopkinAllan G. PulsipherSung W. SonLabor and ManpowerLabor, Human Resources, and Income DistributionPrices and Industry StudiesSpecial Assistant to the ChairmanInternational Finance and TradeBusiness Conditions, Analysis, and ForecastingFiscal Policy, Public Finance, and HousingBusiness Conditions, Analysis, and ForecastingEnergyAgriculture and FoodLabor, Human Resources, and Income DistributionPrice AnalysisRegulated Industries, Science, Technology, Environment,and TransportationMonetary Policy, Financial Institutions, Housing,and Interest RatesStatisticiansFrances M. JamesCatherine H. FurlongSenior Staff StatisticianStatistician240
Junior Staff EconomistsJames S. FacklerEric B. HerrDavid C. MunroLaura B. PetersonRosemary QuintanoLydia SegalCarl I. Van DuyneLabor, Human Resources, and Income DistributionFiscal Policy, Housing, and Public FinanceBusiness Conditions, Analysis, and ForecastingInternational Finance and TradeEconometrics and ForecastingPrice Analysis, Econometrics, and ForecastingMonetary Policy, International Finance, andTradeMary P. KaneM. Cary LeaheyRobert O. MendelsohnResearch Assistants and InternsFrances M. James, Senior Staff Statistician, is in charge of the Council'sStatistical Office and manages the Council's economic and statistical informationsystem. She supervises the publication of Economic Indicators and thepreparation of tables and charts for the Economic Report and for the Council'swork. She also handles the fact checking of memoranda, testimony, andspeeches. Catherine H. Furlong, Dorothy Bagovich, Natalie V. Rentfro, andMary P. Kane assist Miss James.The Council conducts a student intern program, employing a limitednumber of promising graduate and undergraduate students of economicsfor temporary periods, particularly during the summer months. Internswho served during 1973 were Lee J. Alston (Indiana University), ElizabethL. Bailey (Simmons College), Irwin L. Collier, Jr. (Yale University),Robert S. Dohner (Harvard University), David R. Henderson (Universityof California, Los Angeles), and Steven B. Robkin (Duke University).Each year the Council obtains the consulting services of several economists.Consultants who provided services during 1973 included Marion Clawson(Resources for the Future), John L. Cornwall (Southern Illinois University),George C. Eads (George Washington University), Karl A. Fox(Iowa State University), Hendrik S. Houthakker (Harvard University),Paul W. MacAvoy (Massachusetts Institute of Technology), Richard N.Rosett (University of Rochester), and Roger P. Sherman (University ofVirginia). James R. Golden (U.S. Military Academy) was a member ofthe professional staff during the summer.In preparing the Economic Report, the Council relied upon the editorialassistance of Rosannah C. Steinhoff.SUPPORTING STAFFThe Administrative Office provides administrative support for the entireCouncil staff including preparation and analysis of the Council's budget;procurement of equipment and supplies; responding to correspondence andinquiries from the general public; and distribution of Council speeches, re-241
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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
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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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
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Page 228 and 229: Canada and four smaller countries u
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 241 and 242: Report to the President on the Acti
Page 243 and 244: govern the exploitation of the reso
Page 245: Manpower and Social Affairs Committ
Page 249: Appendix CSTATISTICAL TABLES RELATI
Page 252 and 253: PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255 and 256: NATIONAL INCOME OR EXPENDITURETABLE
Page 257 and 258: TABLE C-2.—Gross national product
Page 259 and 260: TABLE C-3.—Implicit price deflato
Page 265 and 266: TABLE C—8.—Gross national produ
Page 267 and 268: TABLE C-10.—Gross national produc
Page 269 and 270: TABLE C-12.—Personal consumption
Page 271 and 272: TABLE C-14.—Relation of gross nat
Page 273 and 274: TABLE C—16.—Relation of nationa
Page 275 and 276: TABLE C-18.— Total and per capita
Page 277 and 278: TABLE C-19.—Sources of personal i
Page 279 and 280: TABLE C-21.—Saving by individuals
Page 281 and 282: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 283 and 284: TABLE C-24.—Noninstitutional popu
Page 285 and 286: TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
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TABLE C-37.—Capacity utilization
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TABLE C—38.—New construction ac
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TABLE C-39.—New housing starts an
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TABLE C-41.—Sales and inventories
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TABLE C-43.—Manvjacturers* new an
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TABLE O45.—Consumer price indexes
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TABLE C—47.—Consumer price inde
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TABLE C~49.—Wholesale price index
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TABLE C-50.—Wholesale price index
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194819491950.,1951195219531954Yearo
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TABLE C-53.—Commercial bank loans
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TABLE G-54.—Total funds raised in
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TABLE C-56.—Federal Reserve Bank
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TABLE C-58.—Bond yields and inter
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TABLE C-59.—Short- and intermedia
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TABLE C-61.—Mortgage debt outstan
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TABLE C-63.—Net public and privat
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TABLE C-65.—Federal budget receip
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TABLE C-66.—Relation of the Feder
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TABLE C-68.—Receipts and expendit
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TABLE C-10.—State and local gover
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TABLE C-72.—Estimated ownership o
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CORPORATE PROFITS AND FINANCETABLE
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TABLE C-76.—Relation of profits a
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TABLE C-77.—Sources and uses of f
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TABLE C-79.—State and municipal a
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TABLE C-81.—Business formation an
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Year1929...1933...1939...1940...194
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TABLE C-85.—Indexes of prices rec
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TABLE G-87.—Comparative balance s
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TABLE G-88.— U.S. balance of paym
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TABLE C-90.— U.S. merchandise exp
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TABLE C-92.—International reserve
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TABLE G-94.—International investm
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TABLE C-96.—Consumer price indexe
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ECONOMIC

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