Economics is a social science that studies economic activity to gain an understanding of the processes that govern the production, distribution, and consumption of goods and services in the economy. This relates to every person, whether that person is a consumer or a producer of the goods and services. An economist is a person who is an expert in those studies. Alan Greenspan is a man who has had many great accomplishments in the field of economics.
Alan Greenspan was born on March 6, 1926 in New York City to stockbroker, Herbert Greenspan, and Rose Goldsmith Greenspan; however, he grew up in Washington Heights with his mother after his parents divorced (Rompalske 1). From a very young age he was good with numbers, and was very musically talented. He attended Juilliard School in Manhattan, and in the 1940’s he was part of a swing band, as well as the bookkeeper for the band (Rompalske 1). According to Rompalske, Greenspan decided he enjoyed numbers more than music and attended New York University, where he earned a B.S., M.A., and Ph. D in economics.
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Rompalske stated that in 1968, he became an advisor Richard Nixon’s presidential campaign, and was appointed to several government advisory positions. In 1974 he agreed to chair the Council of Economic Advisors, and advised Gerald Ford after Nixon resigned. From 1981 to 1983 he served as a chairman of the National Commission of Social Security Reform and the board of other major corporations (Rompalske 2). He was appointed chair of the Fed in 1987 by President Reagan. Greenspan’s mission was to reduce the federal deficit and achieve steady growth in the economy, while keeping inflation low (Rompalske