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Albert Rees

(Redirected from Council on Wage and Price Stability)
This article is about the American economist. For the Australian chemical physicist, see Albert Lloyd George Rees.

Albert E. Rees (August 21, 1921 – September 5, 1992) was an American economist[1] and noted author.[2][1][8] 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.[1] He was also the first head of the Council on Wage and Price Stability, a short-lived federal agency.[1][10]

Albert E. Rees
Born(1921-08-21)August 21, 1921[2]
New York City, US[2]
DiedSeptember 5, 1992(1992-09-05) (aged 71)[1]
University Medical Center of Princeton[1]
Academic career
FieldLabor economics[1]
Institutions
[1]
School or
tradition		Chicago school of economics[2]
Doctoral
advisor		Frederick H. Harbison
H. Gregg Lewis
Doctoral
students
Other notable studentsJames Heckman[3]
Awards
Academic background
Alma materUniversity of Chicago (Ph.D.)[6]
Oberlin College[2]
Thesis"The effect of collective bargaining on wage and price levels in the basic steel and bituminous coal industries, 1945-1948"[6] (1950)
Academic work
Notable worksLandmark labor study with George P. Shultz[1][7]
Economics of Work and Pay[1][8][9]
Websitehttp://library.duke.edu/rubenstein/findingaids/rees/
Council on Wage and Price Stability
CoWPS
Agency overview
Formed1974[10]
Preceding agency
Dissolved1981[10]
Superseding agencies
HeadquartersWashington, D.C.
Agency executives
Parent agencyExecutive Office of the President

Discussion

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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.[2] After obtaining his Ph.D. in 1950,[6] 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.[1][7] Another notable book, The Economics of Work and Pay, remained in print for two decades over at least six editions at HarperCollins.[8][9][13] Notable doctoral students at Princeton included the future Nobel Laureate James Heckman.[3] He won many awards, including a Guggenheim Fellowship[5] in 1969 and election to the American Academy of Arts and Sciences in 1971.[4] Rees died on September 5, 1992, at University Medical Center of Princeton.[1]

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.[1][20][21]

Council on Wage and Price Stability

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The Council on Wage and Price Stability (COWPS or CWPS) Act was signed into law by President Ford in 1974,[10][11] with Rees as the new agency's first head.[1] 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[10][11] (with Alfred E. Kahn replacing Rees as its head under the new administration[12]). When Reagan took office in 1981, CWPS economists moved to the newly formed Office of Information and Regulatory Affairs.[10] Some labor and economic regulator responsibilities merged back into their historic homes with the National Labor Relations Board and the Council of Economic Advisors.[11]

Selected publications

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  • Rees, Albert (1973-06-01). Economics of Work and Pay (1 ed.). New York: Joanna Cotler Books. ISBN 9780060453534.
  • The Economics of Work and Pay (6 ed.). New York: Harpercollins College Div. 1996-06-01. ISBN 9780673994745.
  • Rees, Albert; Shultz, George (1970). Workers and wages in an urban labor market. Chicago: University of Chicago Press. ISBN 0226707059. OCLC 121075.
  • Rees, Albert (1984). Striking a Balance: Making National Economic Policy. Chicago: University of Chicago Press. ISBN 978-0226707075.
  • Rees, Albert (1962). The Economics of Trade Unions. Chicago: University of Chicago Press. ISBN 978-0720202632.

Archives

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See also

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References

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  1. ^ a b c d e f g h i j k l m n o p q r s "Albert Rees, 71, Labor Economist And an Adviser to President Ford". The New York Times. September 7, 1992.
  2. ^ a b c d e f "Albert Rees and the 'Chicago School of Economics'" (PDF).
  3. ^ a b van Overtveldt, Johan (2009). The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business. New York: Agate. p. 132. ISBN 978-1932841190.
  4. ^ a b "American Academy of Arts and Sciences Fellows" (PDF).
  5. ^ a b "Guggenheim Fellows". Archived from the original on 2012-08-19.
  6. ^ a b c 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.
  7. ^ a b Rees, Albert; Shultz, George (1970). Workers and wages in an urban labor market. Chicago: University of Chicago Press. ISBN 0226707059. OCLC 121075.
  8. ^ a b c "Rees, Albert | Industrial Relations Section". www.irs.princeton.edu. Retrieved 2015-12-23.
  9. ^ a b The Economics of Work and Pay (6 Sub ed.). New York: Harpercollins College Div. 1996-06-01. ISBN 9780673994745.
  10. ^ a b c d e f g h "The Legacy of the Council on Wage and Price Stability". Mercatus Center. Retrieved 2015-12-23.
  11. ^ a b c d e f "Wage and Price Controls Facts, information, pictures | Encyclopedia.com articles about Wage and Price Controls". www.encyclopedia.com. Retrieved 2015-12-23.
  12. ^ a b "'Inflation Czar' will take apart his title" (PDF). Cornell Chronicle. Cornell University. 1983-07-14. Archived from the original (PDF) on 2011-10-01. Retrieved 2008-03-25.
  13. ^ Rees, Albert (1973-06-01). Economics of Work and Pay. New York: Joanna Cotler Books. ISBN 9780060453534.
  14. ^ "Albert Rees Prize for the Outstanding Princeton Ph.D." Industrial Relations Section. Princeton University. Retrieved March 22, 2018.
  15. ^ "Department Awards 2013-14". Oberlin College. Retrieved 18 January 2016.
  16. ^ "Oberlin College News & Features". 2015-12-24. Archived from the original on 2006-09-09. Retrieved 2018-03-23.
  17. ^ "Guide to the Albert Rees Papers, 1966-1992 and undated". David M. Rubenstein Rare Book & Manuscript Library. Retrieved 2015-12-11.
  18. ^ "Council on Wage & Price Stability". Mercatus Center at George Mason University. Retrieved 2015-12-23.
  19. ^ "Ron Nessen Papers at Ford Presidential Library" (PDF). Ford Presidential Library. Ford Presidential Library. Retrieved 2015-12-23.
  20. ^ Hopkins, Thomas; Stanley, Laura (2015-06-01). "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. ^ "Letter from Albert Rees to Paul E. Tsongas". Lowell Sun. Lowell, MA: Newspapers.com. 1975-06-27. p. 3. Retrieved 2015-12-23.
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