Word: gardners
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Dates: during 1960-1969
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...economic melodrama. It began on the last day of 1965, when the Bethlehem Steel Corp. announced that it was raising its prices on structural steel by $5 a ton, to an average $119. Poor "Bessie." No sooner had the word hit the wire-service tickers than Gardner Ackley, chairman of the President's Council of Economic Advisers, denounced the increase as inflationary; he later charged that Bethlehem was profiteering from the Viet Nam war. And from his Texas ranch, President Johnson called Bethlehem's move "unnecessary" and "unwarranted...
Despite the limited nature of the price increase-which Bethlehem clearly expected the other steel companies to follow-the Administration reacted with quick disapproval. Gardner Ackley, chairman of the President's Council of Economic Advisers, called the move "inflationary and not in the public interest." The increase, he said "does not appear to be justified under the council's guideposts, based on the information available to the Government...
True enough. Duesenberry, 47, will arrive in Washington at a pivotal time in the council's 19-year history: just when the economy needs more skillful Government management than ever to prolong prosperity without bringing on inflation. The biggest difficulty, Council Chairman Gardner Ackley explained last week in a Manhattan speech, is that "economists simply don't know" enough about how a high-employment economy works to enable them to act "with a high degree of reliability." Adds Duesenberry: "Our problem is to get as much flexibility as we can into 1966 policies, and to avoid any irreversible...
Born in West Virginia, lanky Jim Duesenberry won bachelor's, master's and doctor's degrees (in economics) at the University of Michigan, roomed for a time with former Treasury Under Secretary Robert Roosa. One member of the board that granted Duesenberry's Ph.D. was Gardner Ackley, his new boss. An Air Force statistician during World War II, Duesenberry rose from private to captain. He joined the Harvard faculty in 1946, soon made his mark with a study of consumer spending that helped to spike fears that consumers would spend too little to fuel the postwar...
...whose counsel will carry the most weight with Lyndon Johnson and who must make the delicate decisions in the next few weeks is the President's quiet, effective and Keynesian-minded chief economic strategist, Gardner Ackley. "We're learning to live with prosperity," says Ackley, "and frankly, we don't know as much about managing prosperity as getting there...