Albert Rees

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Council on Wage and Price Stability
CoWPS
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Agency overview
Formed1974[1]
Preceding agency
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Dissolved1981[1]
Superseding agencies
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HeadquartersWashington, D.C.
Agency executives
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Parent agency
Executive Office of the President

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Albert E. Rees (August 21, 1921 – September 5, 1992) was an American economist[3] and noted author.[5][3][6] An influential labor economist, Rees taught at Princeton University from 1966 to 1979, while also being an advisor to President Gerald Ford. He was also a former Provost of Princeton and former president of the Alfred P. Sloan Foundation.[3] He was also the first head of the Council on Wage and Price Stability, a short-lived federal agency.[3][1]

Discussion

Born in New York City, Rees earned his bachelor's degree from Oberlin College in 1943. He later received his master's degree and his doctorate in economics from the University of Chicago.[5] After obtaining his Ph.D. in 1950,[7] he went on to chair the economics department at Chicago from 1962 to 1966 before moving to Princeton as economics chair there. He later co-authored a landmark labor study with George P. Shultz.[3][8] Another notable book, The Economics of Work and Pay, remained in print for two decades over at least six editions at HarperCollins.[6][9][10] Notable doctoral students at Princeton included the future Nobel Laureate James Heckman.[11] He won many awards, including a Guggenheim Fellowship[12] in 1969 and election to the American Academy of Arts and Sciences in 1971.[13] Rees died on September 5, 1992, at University Medical Center of Princeton.[3]

Since 1997, Princeton University awards the "Albert Rees Prize" for an outstanding dissertation in labor economics.[14] Oberlin College has also established multiple Albert Rees prizes, including a Fellowship and an Assistantship.[15][16] Duke University Libraries has a special collection with his papers.[17] Additional special collections at George Mason University Libraries and the Ford Presidential Library house archives for the Council on Wage and Price Stability,[18][19] of which he was the founding director.[3][20][21]

Council on Wage and Price Stability

The Council on Wage and Price Stability (COWPS or CWPS) Act was signed into law by President Ford in 1974,[1][2] with Rees as the new agency's first head.[3] It replaced the formal price controls from the Nixon administration authorized under its precursor, the Economic Stabilization Act of 1970 and its related agency, the Pay Board and Price Commission. The council continued under President Carter,[1][2] with Alfred E. Kahn replacing Rees as its head under the new administration.[4] When Ronald Reagan took office in 1981, CWPS economists moved to the newly formed Office of Information and Regulatory Affairs.[1] Some labor and economic regulator responsibilities merged back into their historic homes with the National Labor Relations Board and the Council of Economic Advisors.[2]

Selected publications

Archives

See also

References

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  1. ^ a b c d e f g h Page Module:Citation/CS1/styles.css has no content."The Legacy of the Council on Wage and Price Stability". Mercatus Center. August 26, 2014. Retrieved December 23, 2015.
  2. ^ a b c d e f Page Module:Citation/CS1/styles.css has no content."Wage and Price Controls Facts, information, pictures | Encyclopedia.com articles about Wage and Price Controls". www.encyclopedia.com. Retrieved December 23, 2015.
  3. ^ a b c d e f g h i Page Module:Citation/CS1/styles.css has no content."Albert Rees, 71, Labor Economist And an Adviser to President Ford". The New York Times. September 7, 1992.
  4. ^ a b Page Module:Citation/CS1/styles.css has no content."'Inflation Czar' will take apart his title" (PDF). Cornell Chronicle. Cornell University. July 14, 1983. Archived from the original (PDF) on October 1, 2011. Retrieved March 25, 2008.
  5. ^ a b Page Module:Citation/CS1/styles.css has no content."Albert Rees and the 'Chicago School of Economics'" (PDF).
  6. ^ a b Cite error: The named reference :0 was invoked but never defined (see the help page).
  7. ^ Page Module:Citation/CS1/styles.css has no content.Rees, Albert (1950). The effect of collective bargaining on wage and price levels in the basic steel and bituminous coal industries, 1945-1948. Chicago: University of Chicago. OCLC 31280726.
  8. ^ Cite error: The named reference schultz was invoked but never defined (see the help page).
  9. ^ Cite error: The named reference The Economics of Work and Pay was invoked but never defined (see the help page).
  10. ^ Page Module:Citation/CS1/styles.css has no content.Rees, Albert (June 1, 1973). Economics of Work and Pay. New York: Joanna Cotler Books. ISBN 9780060453534.
  11. ^ Cite error: The named reference heckman was invoked but never defined (see the help page).
  12. ^ Cite error: The named reference guggenheim was invoked but never defined (see the help page).
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  14. ^ Page Module:Citation/CS1/styles.css has no content."Albert Rees Prize for the Outstanding Princeton Ph.D." Industrial Relations Section. Princeton University. Archived from the original on March 10, 2016. Retrieved March 22, 2018.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Department Awards 2013-14". Oberlin College. Retrieved January 18, 2016.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Oberlin College News & Features". December 24, 2015. Archived from the original on September 9, 2006. Retrieved March 23, 2018.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Guide to the Albert Rees Papers, 1966-1992 and undated". David M. Rubenstein Rare Book & Manuscript Library. Retrieved December 11, 2015.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Council on Wage & Price Stability". Mercatus Center at George Mason University. Retrieved December 23, 2015.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Ron Nessen Papers at Ford Presidential Library" (PDF). Ford Presidential Library. Ford Presidential Library. Retrieved December 23, 2015.
  20. ^ Page Module:Citation/CS1/styles.css has no content.Hopkins, Thomas; Stanley, Laura (June 1, 2015). "The Council on Wage and Price Stability: A Retrospective". Journal of Benefit-Cost Analysis. 6 (2): 400–431. doi:10.1017/bca.2015.41. ISSN 2152-2812. OCLC 5909383952. S2CID 156385220.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Letter from Albert Rees to Paul E. Tsongas". Lowell Sun. Lowell, MA: Newspapers.com. June 27, 1975. p. 3. Retrieved December 23, 2015.

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