The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the President of the United States on economic policy. The CEA provides much of the empirical research for the White House and prepares the publicly-available annual Economic Report of the President.
The report is published by the CEA annually in February, no later than 10 days after the Budget of the US Government is submitted. The president typically writes a letter introducing the report, serving as an executive summary. The report proceeds with several hundred pages of qualitative and quantitative research reviewing the impact of economic activity in the previous year, outlining economic goals for the coming year (based on the President's economic agenda), and making numerical projections of economic performance and outcomes. Public criticism usually accompanies its release, sometimes attacking the importance placed or not placed on particular data or goals. The data referenced or used in the report are from the Bureau of Economic Analysis and U.S. Bureau of Labor Statistics.
The Truman administration established the Council of Economic Advisers via the Employment Act of 1946 to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. It was a step from an "ad hoc style of economic policy-making to a more institutionalized and focused process". The act gave the council the following goals:
to assist and advise the President in the preparation of the Economic Report;
to gather timely and authoritative information concerning economic developments and economic trends, both current and prospective, to analyze and interpret such information in the light of the policy declared in section 2 for the purpose of determining whether such developments and trends are interfering, or are likely to interfere, with the achievement of such policy, and to compile and submit to the President studies relating to such developments and trends;
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Paul Robin Krugman ('krʊgmən ; born February 28, 1953) is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics.
In economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic).
This article is inspired by the observation of a massive change of opinion on the part of economists regarding the question of the patent as a mechanism allowing an economically acceptable solution to be found to the so-called “imperfect appropriability” p ...