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

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