Albert Rees#Council on Wage and Price Stability

{{about|the American economist|the Australian chemical physicist|Albert Lloyd George Rees}}

{{Infobox economist

| name = Albert E. Rees

| birth_date = {{birth date|1921|08|21}}

| birth_place = New York City, US

| death_date = {{death date and age|1992|09|05|1921|08|21}}

| field = Labor economics

| death_place = University Medical Center of Princeton

| doctoral_advisor = Frederick H. Harbison
H. Gregg Lewis

| academic_advisors =

| doctoral_students = {{ubl | Walter Oi | Orley Ashenfelter | Ronald Oaxaca }}

| notable_students = James Heckman{{cite book|last1=van Overtveldt|first1=Johan|title=The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business|date=2009|publisher=Agate|location=New York|isbn=978-1932841190|pages=132 |url=https://books.google.com/books?id=GKcrdEN_3WUC&pg=PA132 }}

| institutions = {{ubl | Princeton | University of Chicago}}

| school_tradition = Chicago school of economics

| awards = {{ubl

| American Academy of Arts and Sciences{{cite web|url=https://www.amacad.org/multimedia/pdfs/publications/bookofmembers/ChapterR.pdf|title=American Academy of Arts and Sciences Fellows}}

| Guggenheim{{cite web|url=http://www.gf.org/fellows/results?query=&lower_bound=1969&upper_bound=1969&competition=ALL&fellowship_category=ALL&x=17&y=9 |title=Guggenheim Fellows |url-status=dead |archiveurl=https://web.archive.org/web/20120819042852/http://www.gf.org/fellows/results?query=&lower_bound=1969&upper_bound=1969&competition=ALL&fellowship_category=ALL&x=17&y=9 |archivedate=2012-08-19 }}

}}

| party=Democrat

| occupation = U.S. presidential advisor to Gerald Ford
U.S. Federal Agency Head
non-profit CEO
Provost
department chair
professor
author

| employer = White House
Alfred P. Sloan Foundation
Princeton
University of Chicago

| children = 3

| spouse = {{ubl

| Candida Kranold Rees (1945–1963)

| Marianne Rees (1963–1992 (his death))

}}

| thesis_title = "The effect of collective bargaining on wage and price levels in the basic steel and bituminous coal industries, 1945-1948"

| thesis_year = 1950

| alma_mater = University of Chicago (Ph.D.)
Oberlin College

| major_works = Landmark labor study with George P. Shultz{{cite book|last1=Rees|first1=Albert|last2=Shultz|first2=George|title=Workers and wages in an urban labor market|date=1970|publisher=University of Chicago Press|location=Chicago|isbn=0226707059|oclc=121075}}
Economics of Work and Pay{{Cite web|title = Rees, Albert {{!}} Industrial Relations Section|url = http://www.irs.princeton.edu/authors/rees-albert|website = www.irs.princeton.edu|accessdate = 2015-12-23}}{{Cite book|edition = 6 Sub|title = The Economics of Work and Pay|publisher = Harpercollins College Div|date = 1996-06-01|location = New York|isbn = 9780673994745}}

| website = http://library.duke.edu/rubenstein/findingaids/rees/

}}

{{Infobox government agency

|name = Council on Wage and Price Stability

|native_name = CoWPS

|motto =

|preceding1 = Pay Board and Price Commission

|superseding1 = Office of Information and Regulatory Affairs

|superseding3 = National Labor Relations Board

|superseding2 = Council of Economic Advisors

|parent_agency = Executive Office of the President

|formed = 1974

|dissolved = 1981

|chief1_name=Albert Rees

|chief2_name= Alfred E. Kahn

|headquarters = Washington, D.C.

}}

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

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.{{cite web|url=http://harris.princeton.edu/pubs/pdfs/506.pdf|title=Albert Rees and the 'Chicago School of Economics'}} After obtaining his Ph.D. in 1950,{{cite book|last1=Rees|first1=Albert|title=The effect of collective bargaining on wage and price levels in the basic steel and bituminous coal industries, 1945-1948|date=1950|publisher=University of Chicago|location=Chicago|oclc=31280726}} 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. Another notable book, The Economics of Work and Pay, remained in print for two decades over at least six editions at HarperCollins.{{Cite book|title = Economics of Work and Pay|publisher = Joanna Cotler Books|date = 1973-06-01|location = New York|isbn = 9780060453534|first = Albert|last = Rees}} Notable doctoral students at Princeton included the future Nobel Laureate James Heckman. He won many awards, including a Guggenheim Fellowship in 1969 and election to the American Academy of Arts and Sciences in 1971. Rees died on September 5, 1992, at University Medical Center of Princeton.{{cite news |title=Albert Rees, 71, Labor Economist And an Adviser to President Ford |newspaper=The New York Times |date=September 7, 1992 |url=https://www.nytimes.com/1992/09/07/us/albert-rees-71-labor-economist-and-an-adviser-to-president-ford.html }}

Since 1997, Princeton University awards the "Albert Rees Prize" for an outstanding dissertation in labor economics.{{cite web|url=http://www.irs.princeton.edu/albert-rees-prize-outstanding-princeton-phd|title=Albert Rees Prize for the Outstanding Princeton Ph.D.|publisher=Princeton University |work=Industrial Relations Section |accessdate=March 22, 2018}} Oberlin College has also established multiple Albert Rees prizes, including a Fellowship and an Assistantship.{{cite web|url=http://new.oberlin.edu/arts-and-sciences/departments/economics/department-awards-13-14.dot|title=Department Awards 2013-14|publisher=Oberlin College |accessdate=18 January 2016}}{{Cite web|url=http://oberlin.edu/news-info/05jan/rees.html|title=Oberlin College News & Features|date=2015-12-24|archive-url=https://web.archive.org/web/20060909094028/http://oberlin.edu/news-info/05jan/rees.html|archive-date=2006-09-09|url-status=dead|access-date=2018-03-23}} Duke University Libraries has a special collection with his papers.{{Cite web|title = Guide to the Albert Rees Papers, 1966-1992 and undated|url = http://library.duke.edu/rubenstein/findingaids/rees/|website = David M. Rubenstein Rare Book & Manuscript Library|accessdate = 2015-12-11}} Additional special collections at George Mason University Libraries and the Ford Presidential Library house archives for the Council on Wage and Price Stability,{{Cite web|title = Council on Wage & Price Stability |publisher =Mercatus Center at George Mason University |url = http://cowps.mercatus.org |accessdate = 2015-12-23}}{{Cite web|url = http://www.fordlibrarymuseum.gov/library/document/0204/1513064.pdf|title = Ron Nessen Papers at Ford Presidential Library|date = |accessdate = 2015-12-23|website = Ford Presidential Library|publisher = Ford Presidential Library|last = |first = }} of which he was the founding director.{{Cite journal|title = The Council on Wage and Price Stability: A Retrospective|journal = Journal of Benefit-Cost Analysis|date = 2015-06-01|issn = 2152-2812|pages = 400–431|volume = 6|issue = 2|doi = 10.1017/bca.2015.41|first1 = Thomas|last1 = Hopkins|first2 = Laura|last2 = Stanley| s2cid=156385220 |oclc=5909383952}}{{Cite news|title = Letter from Albert Rees to Paul E. Tsongas|url = https://www.newspapers.com/newspage/48104033/|publisher = Newspapers.com|accessdate = 2015-12-23|work=Lowell Sun|location=Lowell, MA |date=1975-06-27|page=3}}

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, with Rees as the new agency's first head. 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,{{Cite web|title = The Legacy of the Council on Wage and Price Stability |url = http://mercatus.org/publication/legacy-council-wage-and-price-stability|website = Mercatus Center | date=26 August 2014 |accessdate = 2015-12-23}}{{Cite web|title = Wage and Price Controls Facts, information, pictures {{!}} Encyclopedia.com articles about Wage and Price Controls|url = http://www.encyclopedia.com/topic/Wage_and_Price_Controls.aspx|website = www.encyclopedia.com|accessdate = 2015-12-23}} with Alfred E. Kahn replacing Rees as its head under the new administration.{{Cite web|url=http://ecommons.library.cornell.edu/bitstream/1813/5350/3/014_35.pdf |title='Inflation Czar' will take apart his title |date=1983-07-14 |accessdate=2008-03-25 |website=Cornell Chronicle |publisher=Cornell University |url-status=dead |archiveurl=https://web.archive.org/web/20111001215528/http://ecommons.library.cornell.edu/bitstream/1813/5350/3/014_35.pdf |archivedate=2011-10-01 }} When Ronald Reagan took office in 1981, CWPS economists moved to the newly formed Office of Information and Regulatory Affairs. Some labor and economic regulator responsibilities merged back into their historic homes with the National Labor Relations Board and the Council of Economic Advisors.

Selected publications

{{Cite book|title = Economics of Work and Pay|publisher = Joanna Cotler Books|date = 1973-06-01|location = New York|isbn = 9780060453534|first = Albert|last = Rees|edition = 1}}
{{Cite book|edition = 6|title = The Economics of Work and Pay|publisher = Harpercollins College Div|date = 1996-06-01|location = New York|isbn = 9780673994745}}
{{cite book|last1=Rees|first1=Albert|last2=Shultz|first2=George| author2link = George P. Shultz|title=Workers and wages in an urban labor market|date=1970|publisher=University of Chicago Press|location=Chicago|isbn=0226707059|oclc=121075}}
{{cite book|last1=Rees|first1=Albert|title=Striking a Balance: Making National Economic Policy|publisher=University of Chicago Press|location=Chicago|date=1984|isbn=978-0226707075|url-access=registration|url=https://archive.org/details/strikingbalancem0000rees}}
{{cite book|last1=Rees|first1=Albert|title=The Economics of Trade Unions|url=https://archive.org/details/economicsoftrade0000unse_s2e3|url-access=registration|publisher=University of Chicago Press|date=1962|location=Chicago|isbn=978-0720202632}}

References

External links

[http://library.duke.edu/rubenstein/findingaids/rees/ Albert Rees Collection at Duke University]
[http://cowps.mercatus.org Council on Wage and Price Stability Archive at George Mason University]

Category:1921 births

Category:1992 deaths

Category:Economists from New York (state)

Category:American academic administrators

Category:Writers from New York City

Category:Oberlin College alumni

Category:University of Chicago alumni

Category:Princeton University faculty

Category:Writers from New Jersey

Category:Writers from Chicago

Category:University of Chicago faculty

Category:Chicago School economists