benefit and social cost -- more accurately, marginal social benefit -- msb -- and marginal social cost -- msc these curves tell us is that, as we produce cleaner and cleaner air, moving towards the right, the added social benefits begin to decline and the added social costs begin to rise. this makes sense intuitively, i think. reducing the first and worst air pollution brings us a lot of social benefit. getting extremely clean air is somewhat less important. also, as the los angeles case shows, producing somewhat cleaner air is not too expensive, while producing very, very clean air would have been disastrously costly. so what the economist says is apparently fairly simple -- keep on cleaning up the air until the added -- the marginal social costs begin to exceed the added -- the marginal social benefits, until the intersection of these two curves. i say "apparently simple" because measuring these social costs and benefits is not always that easy. schoumacher: from the 1990s and into the new millennium, we saw record floods, record high temperatures, more crop failures, longer droughts, melti

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in government from harvard university and msc in economics from the london school of economics. chairman, thanks for joining us today, and you're recognized. >> thank you so much, chairman brady, vice chair klobuchar, and members of the committee. as you know the council of economic advisers and the giant economic committee were created by the same act of congress and have a common interest in using economic analysis to craft and promote policies to promote economic growth. i'm pleased to be before you today and look forward to continuing to have a strong relationship. in my statement, i would like to highlight some of the main opportunities and challenges the economy faces right now. and then briefly discuss several policies that could capitalize on the opportunities and address the challenges. all of these are discussed in more detail in my prepared remarks. after going through the worst recession since the great depression, the economy today is strengthening. the private sector has added 7.8 million jobs over 44 consecutive months. the unemployment rate has fallen by about .7