Word: fellner
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...other economic problems that his Administration faces, President Ford now must find two new members for his three-person Council of Economic Advisers. In a rather unusual move, both Gary L. Seevers, 37, and William J. Fellner, 69, will be leaving the council by April 1. The only member remaining is Chairman Alan Greenspan...
Seevers, an agricultural economist who joined the council as a staffer in 1970, will become the first chairman of the Commodity Futures Trading Commission, a federal agency that will regulate the commodity exchanges. Fellner, a Yale professor emeritus, joined the Council in October 1973 after going on leave from Washington's conservative American Enterprise Institute. He will now return to the institute to continue his research into inflation and productivity...
...have found," President Nixon told his press conference last week, "that economists are the most independent breed of the human species, except for members of the press." With good reason, the President was referring specifically to William J. Fellner, 68, whom he has nominated to the three-member Council of Economic Advisers. His Senate confirmation hearings had not even begun when Fellner advised the Administration to stop trying to get the unemployment rate down to 4% and counseled acceptance of a 5% rate as more realistic. For good measure, he criticized the Administration for overstimulating the economy last year, advocated...
...testy impression left by those remarks is not quite the one that the Hungarian-born Fellner, who arrived in the U.S. in 1939, made on his colleagues at Yale, where he taught for 21 years before retiring in June. They remember him as a scholar of grave old-world courtesy who developed a surprising facility as an amateur bartender (he is one of the few people left who knows how to mix a sidecar). He has, however, been acquiring a reputation as a hard-liner on inflation and as a holder of what Nixon wryly described as "rather, shall...
...disappeared. Wage gains are exceeding the increase in workers' productivity, pushing up costs all around. Some of the fastest rises are in pay for service workers-laundry men, bus drivers, retail clerks-who produce no more than before and sometimes much less. "That," says Yale Economist William Fellner, "is what makes life less and less comfortable in a rich, industrial country...