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The Council of Economic Advisors and the "Full Employment Budget Concept": Keyserling before Heller!

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  • W. Robert Brazelton

    (University of Missouri-Kansas City)

Abstract

This paper deals with the general concept of the Full Employment Budget (FEB) usually associated with Walter W. Heller as its originator and popularizer. Herein, however, an investigation will be made as to its earlier development by Leon H. Keyserling. This paper will be divided into five parts: a brief biographical sketch relevant to our purposes herein of both men; the main points of the FEB concept; an investigation of Keyserling's development of the FEB concept; Heller's path to his own utilization of the FEB concept, including a statement by Heller contributing the FEB concept to the earlier works of Keyserling in the Truman Administration; and a concluding summary.

Suggested Citation

  • W. Robert Brazelton, 2003. "The Council of Economic Advisors and the "Full Employment Budget Concept": Keyserling before Heller!," Journal of Economic Insight, Missouri Valley Economic Association, vol. 29(2), pages 87-102.
    • Handle: RePEc:mve:journl:v:29:y:2003:i:2:p:87-102
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. MACROECONOMIC POLICY IN THE 1960s
      by The Arthurian in The New Arthurian Economics on 2014-02-07 15:00:00

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    Cited by:

    1. W. Robert Brazelton, 2007. "On the “Orthodoxy†of Leon Hirsch Keyserling: Selected Major Analytical and Policy Concepts and Advice to Presidents," The American Economist, Sage Publications, vol. 51(1), pages 15-28, March.
    2. W. Robert Brazelton & Charles J. Whalen, 2011. "Towards a synthesis of Institutional and Post Keynsian economics," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 2, pages 28-52, Edward Elgar Publishing.
    3. W. Robert Brazelton, 2019. "Constant Full Employment Growth: The Economic Analysis and Policies of Leon Hirsch Keyserling, Council of Economic Advisors – The Truman Era and Beyond," The American Economist, Sage Publications, vol. 64(1), pages 82-94, March.

    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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