The 1971 Report of the President's Council of Economic Advisers: Priorities and Efficiency.

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    • Abstract:
      This article highlights the micro-economic fields of economic priorities and the efficient use of resources indicated in the 1971 Report of the President's Council of Economic Advisers in the U.S. In chapter three on National Priorities, the gross national product is broken down first into the claims of different parts of the body politic. The claims breakdown is shown in the projections for 1975 and 1976. This will be seen by some as a small step in the direction of planning in an ongoing convergence between capitalist and socialist economies symmetrical to the converse movement by socialist countries from completely centralized planning to projections or guesses of internally consistent scenarios that would guide the decisions of the somewhat decentralized managers.