Word: ackley
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...interesting watershed for the much manipulated U.S. economy, two of the nation's most prestigious economic voices last week prescribed the same course-for widely differing reasons. Gardner Ackley, chairman of the White House Council of Economic Advisers, and William McChesney Martin, chairman of the Federal Reserve Board, renewed the call for a tax increase to fend off inflation...
...Ackley, testifying before the Congressional Joint Economic Committee, conceded that the economy in the first half of 1967 had performed "more sluggishly than we anticipated" and "is not advancing too rapidly today." Still, he forecast a hot second half. Said he: "A strong revival of demand is on the way -one that will produce either unacceptable inflationary pressures or a return to tight money, or more probably both, by early next year at the latest." Only a 1967 tax increase, by Ackley's recipe, will forestall such a future. Yet he an- noyed the committee members by refusing...
...Bill Martin, a much less political and much more independent man than Ackley, but nevertheless an early supporter of President Johnson's January request for a 6% surcharge on corporate and personal income taxes. Speaking to the Toledo Rotary Club, the FRB chairman bluntly urged higher taxes without delay. Moreover, he said he would back an increase even larger than 6%, "if warranted," after Congress makes this year's appropriations. Unlike Ackley, who based his argument on bullish expectations of a strongly rising market for durable goods, a burst of spending for factories, and an early...
Find out what Gardner Ackley is getting at. This course is about Government (that is, our government) Policy towards Business, and it is taught by Martin Oettinger of the University of California. A course for our times...
Having abandoned last year's 3.2% guidepost in January, Ackley did not suggest what limit on wage or price increases would be fitting now. But he conceded that "most wage settlements" in 1967 will exceed gains in productivity. Without more voluntary restraint, he argued, the U.S. will stabilize prices only by the "disaster" of continuous peacetime price and wage controls or "higher unemployment-some say 5%-than the American people will or should tolerate...