Council of Economic Advisers - Definition and Overview

The Council of Economic Advisers is a group of economists set up to advise the President of the United States. It is a part of the Executive Office of the President of the United States, and provides much of the economic policy of the White House.

Past members have included:

• Alan Greenspan 1974 - 1977
• Lawrence Klein 1977 - 1980
• Otto Eckstein
• Paul Krugman 1982 - 1983
• Joseph E. Stiglitz
• Laura D'Andrea Tyson

Its current chairman is N. Gregory Mankiw, and its current members include Harvey S. Rosen and Kristin J. Forbes. Its members are nominated by the President, and approved by the Senate (as most government officials are).

The Council of Economic Advisers assist the President in decisions that handle employment, production, and purchasing power. The Council analyzes the nation's economic situation and gives recomendations within the boundaries of what the President wants done economically. These economists are appointed by the President and confirmed by the Senate. The Employment Act of 1946 created the Council of Economic Advisors. There are about 35 assistants to the council.

Example Usage of Economic