Word: wallich
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Once having savored the heady pleasures of advising the White House on how to manage the country's economy, can an economist ever kick the habit? The answer, as supplied by Henry C. Wallich, 47, who served two years on President Eisenhower's Council of Economic Advisers, seems to be no-at any rate, not so long as the nation's press gives him a sounding board...
Although he is back on his job as professor of economics at Yale, the loss of portfolio has rendered Retired Presidential Adviser Wallich anything but mute. He regularly writes editorials on economics for the Washington Post, has articles in three current highbrow magazines: Harper's, the American Scholar, and the Yale Review. In all three, Economist Wallich hopefully beams his message at a particular reader-President John F. Kennedy. Items...
...Harpers, Wallich locks horns with one of Kennedy's top economists, John Kenneth (The Affluent Society) Galbraith. Along with the rest of the Kennedy "Brain Trust," says Wallich, Galbraith "rejects our ancient American folklore that politicians spend too much. In its place he puts the intriguing notion that they spend too little. Public needs are underfinanced, while private tastes are overindulged." Wallich does not agree that the public addiction to chrome, tail fins, and other ostentatious foolishness means that it cannot be trusted to fill its own needs: "It is something of a non-sequitur to conclude that...
Presumably the authors of Advance (who include in this number Senator Case writing on "Course for the GOP") do care: "We are not the party of today," they say, "Let us be the party of tomorrow." But to cite their review of Henry C. Wallich's The Cost of Freedom, "nowhere" do they, "provide a definite measure of response to modern problems. Although [they] stress the importance of change and creativity, [they] fail to specify or elaborate." Why do they feel so sharply the necessity for their movement? Because liberalism is inadequate, doctrinaire, stultifying, and "monolithic." They worry that "solutions...
Professor Wallich: conservatism "takes an organic view of society as something that has grown up over time and cannot be arbitrarily changed. It puts more stock in experience than in abstract reasoning. It is skeptical of broad solutions, preferring to go step by step, to cross no bridges before they have been reached, and burn none after they have been crossed...