Paul McCracken (economist)

Paul Winston McCracken ( born December 29, 1915 in Richland, Keokuk County, Iowa; † August 3, 2012 in Ann Arbor, Michigan) was an American economist, university lecturer and business manager, who was also Chairman of the Council of Economic Advisers.

Life

After schooling, he studied mathematics at William Penn College in Oskaloosa and finished this in 1937 with a Bachelor of Arts (BA Mathematics ). A subsequent post-graduate studies in economics at Harvard University he graduated in 1942 with a Master of Arts ( MA Economics) and acquired there in 1948 beyond a Philosophiae Doctor ( Ph.D. Economics). He then took over in 1948 a professor of economics at the University of Michigan and taught there until 1969 at the Graduate School of Business Administration, where he was most recently released 1965-1969 because of a consultant for the Council of Economic Advisers. Later, he was also a member of the Presidential Council of the Berea College in Berea, Kentucky.

In addition to his teaching, he was 1956-1959 Member of the Council of Economic Advisers from 1969 to 1971 and later its chairman. In this capacity he was one of the closest economic adviser to President Richard Nixon. In 1971 he returned to the University of Michigan and was at this until his retirement Edmund Ezra Day University Professor of Business Administration. In addition, it was during the presidency of Ronald Reagan 1981-1986 Member of the Advisory Board on Economic Policy ( President's Advisory Board on Economic Policy).

In addition, he worked for numerous economic and political institutions and also research director of the Federal Reserve Bank of Minneapolis, an economist in the Ministry of Commerce and Chairman of the National Bureau of Economic Research ( NBEA ). In addition, he was involved in the American Enterprise Institute (AEI ) as interim president in 1986, the American Institute of Certified Public Accountants ( AICPA ), based at the Council on Foreign Relations and the Mackinac Center for Public Policy, a Midland (Michigan) think tank that addresses in particular the open market.

McCracken eventually took over duties in the private sector and was also a member of the boards of directors of Dow Chemical, Johnson Controls, Lincoln National, Sara Lee and Texas Instruments.

He died on 3 August 2012 at the age of 96 years and is survived by two daughters. His wife died in the year 2005.