Keynesianism, Pennsylvania Avenue Style: Some Economic Consequences of the Employment Act of 1946

J. Bradford De Long
Authors registered in the RePEc Author Service: James Bradford DeLong ()

Journal of Economic Perspectives, 1996, vol. 10, issue 3, 41-53

Abstract: The Employment Act of 1946 created the Council of Economic Advisers (CEA)--and served as a convenient marker of the government's acceptance of the burden of stabilizing the macroeconomy. The willingness of post-WWII governments to let automatic stabilizers function in recessions may well have moderated the post-WWII business cycle. The CEA has also served as an advocate of allocative efficiency in economic policy. Its relative success can be primarily ascribed to Chairman Arthur Burns, who hired a CEA staff composed of short-term appointees whose principal loyalty was to economic rationality.

JEL-codes: E60 N12 N42 (search for similar items in EconPapers)
Date: 1996
Note: DOI: 10.1257/jep.10.3.41
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Citations: View citations in EconPapers (2)

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