Gardner Ackley
Encyclopedia
Gardner Ackley also known as H. Gardner Ackley, (June 30, 1915 – February 12, 1998) was an American
economist
and diplomat
.
He served as a member of the Council of Economic Advisers
under President John F. Kennedy
, and as the Chairman under President Lyndon B. Johnson
between 1964 and 1968. He also served as Ambassador to Italy between 1968 and 1969, and as President of the American Economic Association
in 1982. Ackley was a member of the University of Michigan
faculty for 43 years and served as chair of its Economics department. Upon returning to the University following his ambassadorship, he was named the Henry Carter Adams Professor of Political Economy.
Ackley was born in Indianapolis, Indiana in 1915, and was raised in Kalamazoo, Michigan where he attended public schools and graduated from Western Michigan University
in 1936. He earned a Ph.D from the University of Michigan in 1940, and joined the faculty that year. He served in the U.S. Office of Price Administration
, and the Office of Strategic Services
in Washington, D.C. between 1941 and 1946 and as assistant director of the U.S. Office of Price Stabilization from 1951 to 1952.
Ackley believed that government had a definite role in fine tuning the economy, and he believed in both fiscal and monetary intervention. He warned President Johnson in 1966 that a tax increase was needed to finance the escalation of the war in Vietnam and the increased social welfare spending that Johnson was undertaking. Johnson did not ask for a tax increase, and economists, including Paul Samuelson
believed this was the cause of the inflation of the 1970s.
He was the author of the popular graduate school textbook Macroeconomic Theory", which was translated into several languages and which remained the standard advanced text for many years. He was President of American Economic Association
in 1982
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and diplomat
Diplomat
A diplomat is a person appointed by a state to conduct diplomacy with another state or international organization. The main functions of diplomats revolve around the representation and protection of the interests and nationals of the sending state, as well as the promotion of information and...
.
He served as a member of the Council of Economic Advisers
Council of Economic Advisers
The Council of Economic Advisers is an agency within the Executive Office of the President that advises the President of the United States on economic policy...
under President John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....
, and as the Chairman under President Lyndon B. Johnson
Lyndon B. Johnson
Lyndon Baines Johnson , often referred to as LBJ, was the 36th President of the United States after his service as the 37th Vice President of the United States...
between 1964 and 1968. He also served as Ambassador to Italy between 1968 and 1969, and as President of the American Economic Association
American Economic Association
The American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
in 1982. Ackley was a member of the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
faculty for 43 years and served as chair of its Economics department. Upon returning to the University following his ambassadorship, he was named the Henry Carter Adams Professor of Political Economy.
Ackley was born in Indianapolis, Indiana in 1915, and was raised in Kalamazoo, Michigan where he attended public schools and graduated from Western Michigan University
Western Michigan University
Western Michigan University is a public university located in Kalamazoo, Michigan, United States. The university was established in 1903 by Dwight B. Waldo, and as of the Fall 2010 semester, its enrollment is 25,045....
in 1936. He earned a Ph.D from the University of Michigan in 1940, and joined the faculty that year. He served in the U.S. Office of Price Administration
Office of Price Administration
The Office of Price Administration was established within the Office for Emergency Management of the United States government by Executive Order 8875 on August 28, 1941. The functions of the OPA was originally to control money and rents after the outbreak of World War II.President Franklin D...
, and the Office of Strategic Services
Office of Strategic Services
The Office of Strategic Services was a United States intelligence agency formed during World War II. It was the wartime intelligence agency, and it was a predecessor of the Central Intelligence Agency...
in Washington, D.C. between 1941 and 1946 and as assistant director of the U.S. Office of Price Stabilization from 1951 to 1952.
Ackley believed that government had a definite role in fine tuning the economy, and he believed in both fiscal and monetary intervention. He warned President Johnson in 1966 that a tax increase was needed to finance the escalation of the war in Vietnam and the increased social welfare spending that Johnson was undertaking. Johnson did not ask for a tax increase, and economists, including Paul Samuelson
Paul Samuelson
Paul Anthony Samuelson was an American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he "has done more than any other contemporary economist to raise the level of scientific analysis in...
believed this was the cause of the inflation of the 1970s.
He was the author of the popular graduate school textbook Macroeconomic Theory", which was translated into several languages and which remained the standard advanced text for many years. He was President of American Economic Association
American Economic Association
The American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
in 1982
Selected publications
- "Relative Prices and Aggregate Consumer Demand", with D.B. Suits, 1950, American Economic ReviewAmerican Economic ReviewThe American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
. - "The Wealth-Saving Relationship", Journal of Political EconomyJournal of Political EconomyThe Journal of Political Economy is an academic journal run by economists at the University of Chicago and published every two months by the University of Chicago Press. The journal publishes articles in both theoretical economics and empirical economics...
, 1951. - "Administered Prices and the Inflationary Process", American Economic Review, 1959.
- Macroeconomic Theory, Macmillan Company, 1971.
- Stemming World Inflation, The Atlantic InstituteAtlantic InstituteThe Atlantic Institute is an independent, non-governmental institute which promotes economic, political, and cultural relations among NATO alliance members and the international community in general...
, 1971. - "An Incomes Policy for the 1970s", Review of Economics and StatisticsReview of Economics and StatisticsThe Review of Economics and Statistics is a peer-reviewed scientific journal specializing in applied quantitative economics, now called econometrics. It was founded in 1917 and first published as The Review of Economic Statistics in 1919...
, 1972. - Macroeconomics, Theory and Policy, Macmillan Library Reference 1978.
- "The Costs of Inflation", American Economic Review, 1978.