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Constant Full Employment Growth: The Economic Analysis and Policies of Leon Hirsch Keyserling, Council of Economic Advisors – The Truman Era and Beyond

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  • W. Robert Brazelton

Abstract

This article discusses the generalized economic theories and policy prescriptions of Leon Hirsch Keyserling. Keyserling himself was a major author of the Employment Act of 1946, which created the Council of Economic Advisors. He became a member of the first council and later the second chair of the council, both during the Truman presidency. Keyserling also openly criticized the now-famous “Accord†of 1951-1952 between the Treasury and the Federal Reserve. Examination of his work and service links Keyserling’s later 16 economic policies to his goal of “constant full employment growth.†JEL Classifications : E21, E31, E40, E51, N12

Suggested Citation

  • 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.
    • Handle: RePEc:sae:amerec:v:64:y:2019:i:1:p:82-94
    DOI: 10.1177/0569434518761253
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    References listed on IDEAS

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    4. W. Robert Brazelton, 2008. "Leon H. Keyserling, American Keynesian," Palgrave Macmillan Books, in: Mathew Forstater & L. Randall Wray (ed.), Keynes for the Twenty-First Century, chapter 0, pages 41-55, Palgrave Macmillan.
    5. Michalis Nikiforos, 2016. "Distribution-led growth in the long run," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(4), pages 391-408, October.
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    8. 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.
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    More about this item

    Keywords

    constant full employment growth; federal reserve accord; Tugwell; Keyserling; fiscal policy; monetary policy; Employment Act; Council of Economic Advisors; Heller; Friedman; pegging;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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