Word: ackley
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...than the stock market, even though the Dow-Jones average has jumped more than 400 points since mid-1962 and last week closed at an alltime high of 966. Businessmen plan in 1966 to increase capital spending 15% ; automakers and steelmakers expect to top this year's production records. Ackley and his colleagues anticipate that the gross national product will grow another 5% in real terms during 1966, to $715 billion?or perhaps more...
...their ivory towers and now sit confidently at the elbow of almost every important leader in Government and business, where they are increasingly called upon to forecast, plan and decide. In Washington the ideas of Keynes have been carried into the White House by such activist economists as Gardner Ackley, Arthur Okun, Otto Eckstein (all members of the President's Council of Economic Advisers), Walter Heller (its former chairman), M.I.T.'s Paul Samuelson, Yale's James Tobin and Seymour Harris of the University of California at San Diego...
...Keynes was primarily interested in pulling a Depression-ridden world up to some form of prosperity and stability; today's economists are more concerned about making an already prospering economy grow still further. As Keynes might have put it: Keynesianism + the theory of growth = The New Economics. Says Gardner Ackley, chairman of the Council of Economic Advisers: "The new economics is based on Keynes. The fiscal revolution stems from him." Adds the University of Chicago's Milton Friedman, the nation's leading conservative economist, who was Presidential Candidate Barry Goldwater's adviser on economics: "We are all Keynesians...
Within the next two weeks, Ackley and his fellow council members will have to give President Johnson a firm economic forecast for the year ahead and advise him about what policies to follow. Their decisions will be particularly crucial because the U.S. economy is now moving into a new stage. Production is scraping up against the top levels of the nation's capacity, and federal spending and demand are soaring because of the war in Viet Nam. The economists' problem is to draw a fine line between promoting growth and preventing a debilitating inflation. As they search for new ways...
...budget director. "I indicated what the problems were, as I saw it. They did not agree with me." In fact, Martin gave the President a written memorandum in October giving reasons why he felt a discount hike would be needed, and Fowler and Chief Economic Adviser Gardner Ackley retaliated with memos contesting his reasoning. Martin felt that the discount rate should have been raised in September, believes that if the Board had not acted earlier this month its hands would have been tied until mid-February because of Treasury refinancing of the national debt in January. Had the Board...