The Principles Behind the Policies

Stein, Herbert
March 1973
Challenge (05775132);Mar/Apr73, Vol. 16 Issue 1, p32
Academic Journal
This article presents an interview with Herbert Stein, Chairman of the Council of Economic Advisers. He decided to become an economist in 1933 when he was in college and chose his major as Economics as it was a subject of great interest to him. He emphasizes that economists are a great help to the economy and to the country. The generally high level of stability of the American economy since the end of World War II owes a great deal to economists. He thinks that economists also have contributed much to the appraisal of particular issues, like pollution, education, and so on. When he was asked about the rise in the wholesale price index, he replied that industrial prices at wholesale have been rising very little. When asked to elaborate on public service employment as a way of reducing unemployment, he replied that people employed under the public service employment program have turned out to be very much like all the other employed people, not like the unemployed people. That is, they're not particularly disadvantaged people or low productivity people and they have been receiving fairly high rates of pay.


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