A Successful Accident: Recollections and Speculations about the CEA

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A Successful Accident: Recollections and Speculations about the CEA

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Stein, Herbert

Abstract

As originally conceived, the President's Council of Economic Advisers would have a unique relation with the president, using Keynesian analysis to advise him on maintaining full employment. After fifty years, the Council has evolved into being a useful cog in a large decision-making apparatus, dealing with the whole range of federal problems of economic policy and bringing to bear whatever economics has to say. The initial Keynesian predisposition has faded. The Council has participated in some mistakes but it has made a valuable contribution, primarily by persistent representation of the value of the free market. Copyright 1996 by American Economic Association.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 10 (1996)
Issue (Month): 3 (Summer)
Pages: 3-21
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Handle: RePEc:aea:jecper:v:10:y:1996:i:3:p:3-21

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