Word: mccracken
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...Paul W. McCracken, Chairman-designate of the Nixon council, announced the appointment, which completed the three-man group...
Houthhakker, a Dutch-born authority on international monertary problems and the balance of payments, joins McCracken and Herbert Stein, a senior fellow at the Brookings Institution in Washington, D.C., on the new council...
...community that even Nixon appreciated it, suggested that Nixon the President-elect viewed problems more reasonably than Nixon the Republican nominee had. Henry Kissinger as National Security Assistant seemed to imply caution on the arms race; Lee DuBridge as Science Assistant seemed to indicate concern for basic research; Paul McCracken as head of CEA seemed to be a shift from medieval fiscal policy to full employment economics; and of course Daniel Patrick Moynihan as the new Urban assistant seemed to promise help for the poor after...
Troubled Prosperity. McCracken fully appreciates the fact that economic policy is made in the context of broader social problems. That realization was sharpened last year when he took a leave from Michigan to teach at three Southern Negro colleges. His social awareness is only one reason why Paul McCracken's appointment last week was widely applauded. For McCracken also brings to his new job a conviction that the U.S. economy, which has been going through a rather troubled prosperity, should be steered onto "a steadier course...
With that observation in mind, McCracken will probably emphasize the utilization of adjustments in the money supply to stimulate or restrain the economy. One of his thorniest economic problems, of course, will be inflation. Any concerted drive to stop the price spiral would involve deflationary steps that could increase unemployment. McCracken would probably be willing to see the jobless rate rise slightly above the current 3.6% in order to cool the feverish economy. But he is unlikely to tolerate the 5%-plus rate that some economists and businessmen think is nec essary. In a recent speech, he noted that...