Bio


Michael J. Boskin is T. M. Friedman Professor of Economics and Senior Fellow, Hoover Institution, Stanford University. He is also Research Associate, National Bureau of Economic Research. He served as Chairman of the President’s Council of Economic Advisers (CEA) from 1989 to 1993. The independent Council for Excellence in Government rated Dr. Boskin’s CEA one of the five most respected agencies (out of one hundred) in the federal government. He chaired the highly influential blue-ribbon Commission on the Consumer Price Index, whose report has transformed the way government statistical agencies around the world measure inflation, GDP and productivity.

Advisor to governments and businesses globally, Dr. Boskin also serves on several corporate and philanthropic boards of directors, including Exxon Mobil Corporation, Oracle Corporation and Vodafone PLC. He is frequently sought as a public speaker on the economic outlook and evolving trends significant to business, national and international economic policy and the intersection of economics and geopolitics.

Dr. Boskin received his B.A. with highest honors and the Chancellor’s Award as outstanding undergraduate in 1967 from the University of California at Berkeley, where he also received his M.A. in 1968 and his Ph.D. in 1971, all in economics. In addition to Stanford and the University of California, he has taught at Harvard and Yale. He is the author of more than one hundred books and articles. He is internationally recognized for his research on world economic growth, tax and budget theory and policy, Social Security, U.S. saving and consumption patterns, and the implications of changing technology and demography on capital, labor, and product markets.

Dr. Boskin has received numerous professional awards and citations, including Stanford’s Distinguished Teaching Award in 1988, the National Association of Business Economists’ Abramson Award for outstanding research and their Distinguished Fellow Award, the Medal of the President of the Italian Republic in 1991 for his contributions to global economic understanding, and the 1998 Adam Smith Prize for outstanding contributions to economics.

Academic Appointments


Administrative Appointments


  • Visiting Scholar, American Enterprise Institute (1993 - 1993)
  • Lester Crown Distinguished Faculty Fellow, Yale University (1993 - 1993)
  • Wohlford Professor of Economics, Stanford University (1987 - 1992)
  • Professor, Stanford University (1978 - 1986)
  • Associate Professor, Stanford University (1976 - 1977)
  • Assistant Professor, Stanford University (1971 - 1975)
  • Director, Center for Economic Policy Research Stanford University (1981 - 1988)
  • Visiting Professor of Economics, Harvard University (1977 - 1978)
  • Faculty Research Fellow, Mellon Foundation (1979 - 1979)

Honors & Awards


  • Department Citation & Chancellor's Award for the Outstanding Undergraduate Thesis, University of California (1967)
  • Award for the Outstanding Doctoral Dissertation, National Tax Association (1970-1971)
  • Abramson Award for Outstanding Research, National Association of Business Economists (1987)
  • Dean's Award for Distinguished Teaching, Stanford University (1988)
  • W.S. Johnson Award for Contributions to Free Enterprise, National Federation of Independent Business (1990)
  • Public Servant of the Year Award, University of California Alumni Association (1990)
  • Medal of the President, Italian Republic (1991)
  • Distinguished Public Service Award, Stanford University (1993)
  • Adam Smith Prize, National Association of Business Economists (1998)

Boards, Advisory Committees, Professional Organizations


  • Member, Governor's Council of Economic Advisors (2003 - 2010)
  • Member, Commission on 21st Century Economy (2009 - 2009)
  • Member, Advisory Board, National Income and Product Accounts (2000 - 2008)
  • Member, Advisory Board, U.S. Department of Commerce (2000 - 2008)
  • Member, Advisory Board, Bureau of Economic Analysis (2000 - 2008)
  • Member, Advisory Panel, Congressional Budget Office (1994 - 2003)
  • Member, Advisory Panel, Congressional Budget Office (2007 - 2008)
  • Chairman, Commission on the Consumer Price Index (1995 - 1996)
  • Member, Governor's Council of Economic Advisors (1993 - 1998)
  • Chairman, Governor's Task Force on Tax Reform and Reduction (1993 - 1994)
  • Advisor, Joint Committee on Taxation, U.S. Congress (1995 - 1998)
  • Chairman, President's Council of Economic Advisers (1989 - 1993)
  • Member, American Economic Association
  • Member, National Association of Business Economists
  • Member, National Tax Association
  • Member, Economics Education Committee, American Economic Association
  • Consultant, House Ways & Means Committee
  • Advisor, Senate Finance Committee
  • Consultant, U.S. Department of the Treasury
  • Consultant, Joint Economic Committee, U.S. Congress
  • Consultant, Advisory Council on Social Security
  • Consultant, U.S. Department of Labor
  • Member, National Science Foundation Research Review Panel
  • Consultant, Organization for Economic Cooperation and Development (OECD)
  • Member, Phi Beta Kappa Society
  • Ford Foundation Fellow, Ford Foundation
  • Woodrow Wilson Fellow, Woodrow Wilson National Fellowship Foundation
  • President, International Atlantic Economic Society (2005 - 2006)

Professional Education


  • Ph.D., University of California, Berkeley, Economics (1971)
  • M.A., University of California, Berkeley, Economics (1968)
  • B.A., University of California, Berkeley, Economics (1967)

2017-18 Courses


All Publications


  • U.S. China Economic Relations in the Next Ten Years: Towards Deeper Engagements and Mutual Benefit edited by Boskin, M. J., Lau, L. J., Spence, M. China-United States Exchange Foundation. 2013
  • Fiscal Policy for Economic Growth The Economists' Voice Boskin, M. J. 2012
  • Notes on the Economics of Nuclear Power The Nuclear Enterprise, High Consequence Accidents: How to Enhance Safety and Minimize Risks in Nuclear Weapons and Reactors Boskin, M. J. edited by Drell, S. D., Shultz, G. P. Stanford University Press. 2012
  • Grading Forty Years of Tax Policy Forty Years of Change, One Constant: Tax Analysts, 40th Anniversary Special Publication Boskin, M. J. Tax Analysts. 2011
  • Review of "This Time is Different" Journal of Economic Literature Boskin, M. 2010
  • Perspectives on the New Architecture for the US National Accounts 121st Annual Meeting of the American-Economic-Association Boskin, M. J. AMER ECONOMIC ASSOC. 2009: 69–73
  • Better Living Through More Accurate Consumer Price Indexes Better Living Through Economics Boskin, M. edited by Siegfried, J. J. Cambridge, Harvard University Press. 2009
  • Final Report on the Commission on the 21st Century Economy Boskin, M., Barrales, R., Cogan, J., Rosa, E. D., Edley, C., Lozano, J. M., Morgan, B., Parsky, G., Pringle, C. edited by Parsky, G. State of California. 2009
  • Economic Perspectives on Deficits and Debt Fiscal Challenges: An Interdisciplinary Approach to Budget Policy Boskin, M. J. edited by Garrett, E., Grady, E. A., Jackson, H. E. Cambridge University Press. 2008
  • Consumer Price Indexes Concise Encyclopedia of Economics Boaskin, M. edited by Henderson, D. Liberty Fund, Inc., Library of Economics and Liberty. 2008
  • Eight Lessons of Public Finance in Developing Countries Boskin, M. J. State Council of the People's Republic of China. 2006
  • Taxation and Saving Tax Notes Boskin, M. J. 2006
  • Perspectives on Tax Reform Tax Notes Boskin, M. J. 2006
  • Causes and Consequences of Bias in the Consumer Price Index as a Measure of the Cost of Living Atlantic Economic Journal Boskin, M. J. 2005; 33 (1): 1-13
  • The Economic Agenda: A View from the U.S. Review of International Economics Boskin, M. J. 2004
  • At What Price? Review of National Academy Panel Report on the Consumer Price Index Boskin, M. J. 2003
  • The Comparative Postwar Economic Performance of the G-7 Countries Boskin, M., Lau, L. Mimeo. 2003
  • Measuring Economic Performance: Progress and Challenges American Economic Review Boskin, M. J. 2000
  • From Edgeworth to Vickrey to Mirrlees Atlantic Economic Journal Boskin, M. J. 2000
  • Capitalism and Its Discontents Business Economics Boskin, M. J. 1999
  • Consumer prices, the consumer price index, and the cost of living JOURNAL OF ECONOMIC PERSPECTIVES BOSKIN, M. J., DULBERGER, E. R., Gordon, R. J., GRILICHES, Z., Jorgenson, D. W. 1998; 12 (1): 3-26
  • Some Thoughts on Improving Economic Statistics Hoover Essays in Public Policy Boskin, M. J. 1998
  • The CPI Commission: Findings and recommendations 109th Meeting of the American-Economic-Association BOSKIN, M. J., DULBERGER, E. R., Gordon, R. J., GRILICHES, Z., Jorgenson, D. W. AMER ECONOMIC ASSOC. 1997: 78–83
  • Implications of overstating inflation for indexing government programs and understanding economic progress 109th Meeting of the American-Economic-Association BOSKIN, M. J., Jorgenson, D. W. AMER ECONOMIC ASSOC. 1997: 89–93
  • Lies, Damned Lies, and (Faulty) Statistics The International Economy Boskin, M. J. 1997
  • Inflation and Its Discontents Hoover Essays in Public Policy Boskin, M. J. 1997
  • The CPI Commission Business Economics Boskin, M. J. 1997
  • The Contribution of R&D to Economic Growth: Some Issues and Observations American Enterprise Institute Boskin, M., Lau, L. 1996
  • A Framework for Understanding the Tax Reform Debate Frontiers of Tax Reform Boskin, M. J. edited by Boskin, M. Hoover Institution Press. 1996
  • Toward a More Accurate Measure of the Cost of Living: Interim Report Boskin, M. J., Dulberger, E., Gordon, R., Griliches, Z., Jorgenson, D. U.S. Government Printing Press. 1996
  • Frontiers of Tax Reform edited by Boskin, M. J. Hoover Institution Press. 1996
  • Toward a More Accurate Measure of the Cost of Living: Interim Report Boskin, M. J., Dulberger, E., Gordon, R., Griliches, Z., Jorgenson, D. Stanford University Press. 1995
  • An Economist's Evaluation of the Political Discourse on Fundamental Tax Reform Proposals Center for Economic Policy Research Discussion Paper Series Boskin, M. J. 1995
  • A Conference Panel Discussion: The Role of Rules in Monetary Policy Review Boskin, M. J. 1994; 76 (2)
  • The Economic Report of the President Boskin, M. J., Bradford, D., Wonnacott, P. United States Government Printing Office. 1993
  • Reflections on the Bush Regulatory Record: The Good, the Bad, and the Ugly Regulation Boskin, M. J. 1993
  • The Economic Report of the President Boskin, M. J., Bradford, D., Wonnacott, P. United States Government Printing Office. 1992
  • Capital, Technology, and Economic Growth Technology and the Wealth of Nations Boskin, M. J., Lau, L. edited by Rosenberg, N., Landau, R., Mowery, D. Stanford University Press. 1992
  • International and lntertemporal Comparison of Productive Efficiency: An Application of the Meta-Production Function Approach to the Group-of-Five (G-5) Countries Economic Studies Quarterly Boskin, M. J., Lau, L. 1992; 43 (4)
  • The Economic Report of the President Boskin, M. J., Schmalensee, R., Taylor, J. United States Government Printing Office. 1991
  • Capital Formation and Economic Growth Technology and Economics: A Volume Commemorating Ralph Landau's Service to the National Academy of Engineering Boskin, M. J., Lau, L. National Academy Press. 1991
  • The Economic Report of the President Boskin, M. J., Schmalensee, R., Taylor, J. United States Government Printing Office. 1990
  • Issues in the Measurement and Interpretation of Saving and Wealth Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth Boskin, M. J. edited by Berndt, E., Triplett, J. The University of Chicago Press. 1990
  • Government Saving, Capital Formation and Wealth in the United States, 1947-1985 The Measurement of Saving, Investment, and Wealth Boskin, M. J., Robinson, M., Huber, A. edited by Lipsey, R., Stone, H. The University of Chicago Press. 1989
  • TAX POLICY AND ECONOMIC-GROWTH - LESSONS FROM THE 1980S JOURNAL OF ECONOMIC PERSPECTIVES BOSKIN, M. J. 1988; 2 (4): 71-97
  • CONSUMPTION, SAVING, AND FISCAL-POLICY AMERICAN ECONOMIC REVIEW BOSKIN, M. J. 1988; 78 (2): 401-407
  • Poverty Among the Elderly: Where Are the Holes in the Safety Net? Pensions in the U.S. Economy Boskin, M. edited by Bodie, Z., Shoven, J., Wise, D. University of Chicago Press. 1988
  • Future Social Security Financing Alternatives and National Saving Social Security and Private Pensions: Providing for Retirement in the 21st Century Boskin, M. edited by Wachter, S., Wachter, M. Lexington Books. 1988
  • A Closer Look at Saving Rates in the United States and Japan Government Policy Towards Industry in the U.S. and Japan Boskin, M. J., Roberts, J. edited by Shoven, J. Cambridge University Press. 1988
  • Economics of Public Debt edited by Boskin, M. J., Arrow, K. MacMillan. 1988
  • The Financial Impact of Social Security by Cohort Issues in Contemporary Retirement Boskin, M. edited by Lazear, E., Campbell, R. R. Hoover Institution Press. 1988
  • Personal Security Accounts: An Alternative Social Security Reform Proposal Social Security and Private Pensions Boskin, M. J., Shoven, J., Kotlikoff, L. edited by Wachter, S. Lexington Books. 1988
  • Alternative Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity Economics of Public Debt Boskin, M. J. edited by Arrow, K., Boskin, M. MacMillan for the International Economic Association. 1988
  • Concepts and Measures of Earnings Replacement during Retirement Issues in Pension Economics Boskin, M. J., Shoven, J. edited by Shoven, J., Wise, D. 1987
  • Modern Developments in Public Finance edited by Boskin, M. J. Basil Blackwell. 1987
  • The Federal Budget and Insurance Programs Modern Developments in Public Finance Boskin, M. J., Barham, B., Cone, K., Ozier, S. edited by Boskin, M. Basil Blackwell. 1987
  • Perspectives on the Tax Reform Act of 1986 National Tax Association Annual Proceedings Boskin, M. J. 1987
  • Social Security: A Financial Appraisal within and Across Generations National Tax Journal Boskin, M. J., Shoven, J., Kotlikof, L., Puffert, D. 1987
  • New Estimates of the Effects of Taxes on the International Location of Investment The Effects of Taxation on Capital Formation Boskin, M. J., Gale, W. edited by Feldstein, M. University of Chicago Press. 1987
  • Social Security and the American Family Federal Tax Policy Boskin, M. J. edited by Summers, L. 1987
  • Reagan and the Economy: Successes, Failures, Unfinished Agenda Boskin, M. J. Institute for Contemporary Studies. 1987
  • Too Many Promises: The Uncertain Future of Social Security Boskin, M. J. Dow-Jones-Irwin. 1986
  • Deficits, Public Debt, Interest Rates & Private Saving: Perspectives and Reflections on Recent Analysis and U.S. Experience Private Saving and Public Debt Boskin, M. J. edited by Boskin, M., Flemming, J., Gorini, S. Basil Blackwell. 1986
  • Private Saving and Public Debt edited by Boskin, M. J., Flemming, J., Gorini, S. Basil Blackwell. 1986
  • Theoretical and Empirical Issues in the Measurement, Evaluation and Interpretation of Post-War U.S. Saving Saving and Capital Formation: The Policy Options Boskin, M. J. edited by Adams, G., Wachter, S. Lexington Books/D. C. Health. 1986
  • NEW ESTIMATES OF THE VALUE OF FEDERAL MINERAL RIGHTS AND LAND AMERICAN ECONOMIC REVIEW BOSKIN, M. J., Robinson, M. S., OREILLY, T., Kumar, P. 1985; 75 (5): 923-936
  • Macroeconomics, Technology and Economic Policy Technology and Economy Policy Boskin, M. J. edited by Landau, R., Rosenberg, N. National Academy Press. 1985
  • Public Debt and U.S. Saving: A New Test of the Neutrality Hypothesis Carnegie-Rochester Conference Series Boskin, M. J., Kotlikoff, L. 1985
  • Energy Taxes and Optimal Tax Theory The Energy Journal Boskin, M. J., Robinson, M. 1985
  • INDEXING SOCIAL-SECURITY BENEFITS - A SEPARATE PRICE-INDEX FOR THE ELDERLY PUBLIC FINANCE QUARTERLY BOSKIN, M. J., Hurd, M. D. 1985; 13 (4): 436-449
  • ECONOMIC-ASPECTS OF THE TAXATION OF DECONTROLLED NATURAL-GAS NATIONAL TAX JOURNAL BOSKIN, M. J., Robinson, M. S., FERRON, M. J. 1985; 38 (2): 179-190
  • THE EFFECT OF SOCIAL-SECURITY ON RETIREMENT IN THE EARLY 1970S QUARTERLY JOURNAL OF ECONOMICS Hurd, M. D., BOSKIN, M. J. 1984; 99 (4): 767-790
  • A Longer Term Perspective on Macroeconomics and Distribution: Time, Expectations, and Incentives Issues in Contemporary Economics and Distribution Boskin, M. J. edited by Feiwel, G. The MacMillan Press. 1984
  • OPTIMAL TAX TREATMENT OF THE FAMILY - MARRIED-COUPLES JOURNAL OF PUBLIC ECONOMICS BOSKIN, M. J., Sheshinski, E. 1983; 20 (3): 281-297
  • Effects of Budgetary Constraints and Budgetary Cuts Proceedings: International Institute of Public Finance, Budapest, Hungary Boskin, M. J. 1983
  • Modeling Alternative Solutions to the Long-Run Social Security Funding Problem Behavioral Simulations of Tax Policy Boskin, M. J., Avrin, M., Cone, K. edited by Feldstein, M. University of Chicago Press. 1983
  • FEDERAL-GOVERNMENT DEFICITS - SOME MYTHS AND REALITIES AMERICAN ECONOMIC REVIEW BOSKIN, M. J. 1982; 72 (2): 296-303
  • The Federal Budget: Economics and Politics edited by Boskin, M. J., Wildavsky, A. Institute for Contemporary Studies. 1982
  • TAXATION, INNOVATION AND ECONOMIC-GROWTH TECHNOLOGY IN SOCIETY BOSKIN, M. J. 1981; 3 (1-2): 35-44
  • Issues in the Taxation of Capital Income American Economic Review Boskin, M. J., Shoven, J. 1981
  • Some Issues in Supply-Side Economics Supply Shocks, Incentives and National Wealth Boskin, M. J. edited by Brunner, K., Meltzer, A. 1981
  • The Economics of Taxation edited by Boskin, M. J., Aaron, H. 1980
  • The Impact of Inflation on U.S. Productivity and International Competitiveness Boskin, M. J., Gertler, M., Taylor, C. National Planning Association. 1980
  • The Economy in the 1980's: A Program for Stability and Growth edited by Boskin, M. J. Institute for Contemporary Studies. 1980
  • Interrelationships Among the Choice of Tax Base, Tax Rates and the Unit and Time Period of Account in the Design of an Optimal Tax System The Economics of Taxation Boskin, M. J. edited by Aaron, H., Boskin, M. 1980
  • Growth Policy for the Eighties Proceedings of the Workshop on Supply-Side Economics Boskin, M. J. 1980
  • Social Security and Private Saving: Analytical Issues, Empirical Evidence and Policy Implications Special Study on Economic Change Boskin, M. J., Robinson, M. 1980
  • Social Security: The Challenge Before Us The United States in the 1980's Boskin, M. J. edited by Duignan, P., Rabushka, A. 1980
  • The Long-Run Incidence of Government Policies in Open Growing Economies Economics and Human Welfare: Essays in Honor of Tibor Scitovsky Boskin, M. J., Deville, P. edited by Boskin, M. Academic Press. 1979
  • Economic Factors Behind the Tax Revolt National Tax Journal Boskin, M. J. 1979
  • Economics and Human Welfare: Essays in Honor of Tiber Scitovsky edited by Boskin, M. J. Academic Press. 1979
  • Taxation, Saving and the Rate of Interest Journal of Political Economy Boskin, M. J. 1978
  • Optimal Tax Theory, Econometric Evidence and Tax Policy Econometric Contributions to Public Policy Boskin, M. edited by Stone, R. MacMillan for the International Economic Associations. 1978
  • Taxation and Aggregate Factor Supply: Preliminary Estimates U.S. Treasury Compendium of Tax Research Boskin, M. J., Lau, L. 1978
  • Federal Tax Reform edited by Boskin, M. J. Institute for Contemporary Studies. 1978
  • Optimal Redistributive Taxation when Individual Welfare Depends upon Relative Income Quarterly Journal of Economics Boskin, M. J., Sheshinski, E. 1978
  • Taxation and Capital Formation: Missing Elements in the President's Tax Program Tax Policies in the 1979 Budget Boskin, M., Green, J. edited by Penner, R. AEI. 1978
  • EFFECT OF SOCIAL-SECURITY ON EARLY RETIREMENT JOURNAL OF PUBLIC ECONOMICS BOSKIN, M. J., Hurd, M. D. 1978; 10 (3): 361-377
  • An Economist's Perspective on Estate Taxation The Future of Wealth Transmission Boskin, M. J. 1977
  • Effects of the Charitable Deduction on Contributions by Low and Middle Income Households: Evidence from the National Survey of Philanthropy Review of Economics and Statistics Boskin, M. J., Feldstein, M. 1977
  • The Crisis in Social Security edited by Boskin, M. J. Institute for Contemporary Studies. 1977
  • Some Lessons from the New Public Finance American Economic Review, American Economic Association Boskin, M. J., Stiglitz, J. E. 1977; 67 (1): 295-301
  • SOCIAL-SECURITY AND RETIREMENT DECISIONS ECONOMIC INQUIRY BOSKIN, M. J. 1977; 15 (1): 1-25
  • SOME RECENT ECONOMETRIC RESEARCH IN PUBLIC-FINANCE AMERICAN ECONOMIC REVIEW BOSKIN, M. J. 1976; 66 (2): 102-109
  • The Economic Common Sense of the Debate over Controlling Nuclear Power Development The California Nuclear Initiative Boskin, M. J. edited by Reynolds, W. Stanford University Press. 1976
  • The Economic Common Sense of the Debate over Controlling Nuclear Power Development California Energy: The Economic Factors Boskin, M. J. 1976
  • ESTATE-TAXATION AND CHARITABLE BEQUESTS JOURNAL OF PUBLIC ECONOMICS BOSKIN, M. J. 1976; 5 (1-2): 27-56
  • MARKOV MODEL OF TURNOVER IN AID TO FAMILIES WITH DEPENDENT CHILDREN JOURNAL OF HUMAN RESOURCES BOSKIN, M. J., NOLD, F. C. 1975; 10 (4): 467-481
  • Lessons from the New Jersey-Pennsylvania Income Maintenance Experiment Evaluating the New Jersey-Pennsylvania Income Maintenance Experiment Boskin, M. J. 1975
  • Efficiency Aspects of the Differential Tax Treatment of Market and Household Economic Activity Journal of Public Economics Boskin, M. J. 1975
  • Notes on the Tax Treatment of Human Capital Treasury Conference on Tax Policy Boskin, M. 1975
  • EFFECTS OF GOVERNMENT EXPENDITURES AND TAXES ON FEMALE LABOR AMERICAN ECONOMIC REVIEW BOSKIN, M. J. 1974; 64 (2): 251-256
  • A Conditional Logic Model of Occupational Choice Journal of Political Economy Boskin, M. J. 1974
  • Regression Analysis when the Dependent Variable is Truncated Lognormal: with an Application to the Determinants of the Duration of Welfare Dependency International Economic Review Boskin, M. J., Amemiya, T. 1974
  • Economics of the Labor Supply Labor Supply and Income Maintenance Boskin, M. edited by Cain, G., Watts, H. Rand McNally. 1973
  • LOCAL GOVERNMENT TAX AND PRODUCT COMPETITION AND OPTIMAL PROVISION OF PUBLIC GOODS JOURNAL OF POLITICAL ECONOMY BOSKIN, M. J. 1973; 81 (1): 203-210
  • Theoretical Models of Local Government Finance 26th Congress of the International Institute of Public Finance Boskin, M. 1973
  • UNIONS AND RELATIVE REAL WAGES AMERICAN ECONOMIC REVIEW BOSKIN, M. J. 1972; 62 (3): 466-472
  • The Effects of Taxes on the Supply of Labor: With Special Reference to Income Maintenance Programs National Tax Association Papers and Proceedings Boskin, M. J. 1971
  • The Effects of Taxes on the Supply of Labor: With Special Reference to Income Maintenance Programs National Tax Association Papers and Proceedings Boskin, M. 1971
  • The Negative Income Tax and the Supply of Work Effort National Tax Journal Boskin, M. J. 1967