Word: ackley
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...this view, Johnson reflected the thinking of the new chairman of his Council of Economic Advisers, Gardner Ackley, whose report to the President was the basis for last week's message. Said Ackley of this bit of Keynesian economic philosophy: "If Keynesian philosophy means taxes and expenditures must be adjusted to the demands of the overall economy, yes, we have accepted the Keynesian philosophy...
...organizations in Washington sit atop a hotter spot these days than the President's Council of Economic Advisers. The Council, whose prestige soared in Chairman Walter Heller's last months as a result of the tax cut's success, has a new chairman-Gardner Ackley-and two relatively new members who have yet to prove themselves in their posts. As the President's first line of economic advice, the Council will bear heavy responsibility in the coming months for deciding what methods to adopt to keep the economy moving upward...
Nonetheless, the assignment illustrates Johnson's growing reliance on Ackley and his colleagues. With a professional staff of only 16, the three-man Council ranks (as Heller liked to say) somewhere between the Indian Claims Commission and the American Battle Monuments Commission, and has a budget of only $645,000; yet it exerts power and influence far beyond its size. Last week the Council's members worked late into each night helping to prepare the budget and the President's annual economic message to Congress. Ranging from high policy to day-to-day chores, the CEA keeps...
Following Heller is no easy job, but Ackley, 49, has taken it in stride. A former University of Michigan professor who had served on the Council since 1962 before becoming chairman last November, he is a calm and retiring team man and a skillful administrator. Ackley now talks with the President at least three times daily, sends him a daily stream of communications, meets regularly with Cabinet members. He has been helping to cull the 15 presidential task-force reports for legislative recommendations, also serves with Treasury Secretary Douglas Dillon and Budget Director Kermit Gordon on the troika that advises...
...Gadfly. Ackley is backed up by two bright young economists: German-born Otto Eckstein, 37, and Arthur Okun, 34. Eckstein came to the Council last September from Harvard, where he was editor of the prestigious Review of Economics and Statistics. He will be the CEA's gadfly, probing new ways to bring economic policy to bear on such old problems as unemployment and the balance of payments deficit. Okun, a former Yale economist, is a tall, professorial type who before his appointment last November was best known for his pioneering explanation of the gaps between actual and potential gross...