The story
Founded by Wesley Clair Mitchell in 1920.1
Founding
The NBER was established in 1920 following debates during the Progressive era over income distribution. Founded by Malcolm Rorty and Nachum Stone, the NBER aimed to fill the information gap on economic data. The organization's research is restricted to presenting data and findings without making policy recommendations.
Early years
The NBER initially received support from the Carnegie Foundation, the Laura Spelman Rockefeller Foundation, and various corporations. Columbia University professor Wesley Clair Mitchell was the first director of research, guiding the organization's research for 25 years. The NBER's initial projects included measuring labor's share of national income and studying unemployment and business-cycle fluctuations.
Simon Kuznets
In 1927, Mitchell brought in Simon Kuznets, who later played a pivotal role in developing the U.S. national income accounts. Kuznets' work laid the foundation for the Nobel Prize he received in 1971.
Post-War expansion
After World War II, the NBER expanded its research scope. Arthur Burns succeeded Mitchell as research director. The 1950s and 1960s saw groundbreaking work by Milton Friedman and Anna Schwartz on monetary policy's impact on business cycles. Research in labor economics also flourished during this period.
NBER has been credited with mainstreaming the study of human capital in economics. Prior to the 1950s, the concept of human capital was rarely used in economics, but throughout the 1960s, NBER increased usage of the concept.
Presidential leadership
Arthur Burns became NBER's president in 1956, followed by John R. Meyer in 1967. Meyer introduced several initiatives, including two NBER journals and the establishment of NBER offices in various cities.
Martin Feldstein era
In 1977, Martin S. Feldstein became the NBER's president, transforming the organization. He expanded the NBER's network of university-based affiliates, moved its headquarters to Cambridge, Massachusetts and introduced the NBER Working Paper Series. Feldstein also established research programs focusing on specific areas and initiated the NBER Summer Institute.
Recent years
James Poterba succeeded Feldstein in 2008, continuing the NBER's expansion. The number of affiliated researchers grew significantly, and new programs and working groups were introduced. The NBER now distributes over 1,200 new research studies annually and holds around 125 meetings each year on various economic topics.
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In September 2010, after a conference call with its Business Cycle Dating Committee, the NBER declared that the Great Recession in the United States had officially ended in 2009 and lasted from December 2007 to June 2009. In response, a number of newspapers wrote that the majority of Americans did not believe the recession was over, mainly because they were still struggling and because the country still faced high unemployment.
From Wikipedia’s article on National Bureau of Economic Research, shared under CC BY-SA 4.0.3