Word: hellers
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...DIMENSIONS OF POLITICAL ECONOMY by Walter W. Heller. 203 pages. Harvard University Press...
When Walter Wolfgang Heller was appointed Chief Presidential Economist early in 1961, John Kennedy urged him "to use the White House as a pulpit for public education in economics." Heller did-and Kennedy himself was Heller's first student. This book, Heller's first since he left the Administration two years ago for a $50,000-a-year income as a private consultant and professor at the University of Minnesota, is an admirable account of the political machinations that underlay the recent age of discovery in economics-and welcome not least because he writes with crispness, clarity...
...campaign talk about the need to spur the economy's growth, he was at first much less adventuresome and more conservative than his economists. He was determined to balance the budget and mighty reluctant to try the deficit-spending theories of the late John Maynard Keynes. It took Heller and his activist aides almost two years and 300 memos to convince Kennedy of the Keynesian notion that both economic growth and Government income would be increased...
...Economic Club of New York late in 1962, Kennedy extolled the good sense of tax cuts and got such a rousing reception from 2,000 business leaders that he himself became convinced and proceeded to press enthusiastically for reductions. Said he afterwards: "I gave them straight Keynes and Heller, and they loved...
Drags & Dividends. If, as Heller expects, the economy should keep growing annually at its present 41% rate, federal tax revenues will swell by $9 billion every year, and that will present a new problem of prosperity. Once the demands of Viet Nam are over, this surplus will be a "fiscal drag" that could lead the economy into recession, unless policymakers return the surplus to the people in the form of "fiscal dividends." Heller is less keen on tax cuts now; he has, in fact, been calling since early this year for strictly temporary and quickly reversible tax increases to frustrate...