Gardner Ackley

Hugh Gardner Ackley (* June 30, 1915 in Indianapolis, Indiana; † 12 February 1998 in Ann Arbor, Michigan) was an American economist and diplomat, who was one of the Chairmen of the Council of Economic Advisers and a leading representative of Macroeconomics.

Life

After schooling Ackley first studied at Western Michigan University and earned there a Bachelor of Arts ( BA). A subsequent post-graduate studies at the University of Michigan he graduated first with a Master of Arts ( MA), before he got there after a Philosophiae Doctor ( Ph.D.). He was also a member of Phi Kappa Phi academic societies and Tau Kappa Alpha.

After he accepted a professorship at Ohio State University for a short time, he became in 1940 Professor of Economics at the University of Michigan and taught there until 1984. During the Second World War, he also served from 1941 to 1943 and from 1944 to 1946 in the Office of price control in Washington, DC with and was therebetween 1943-1944 staff in the Office of Strategic Studies (Office of Strategic Studies ).

Later he worked as part of the Fulbright Program from 1956 to 1957 in Rome, before he was from 1961 to 1962 as a researcher (Research Fellow ) worked for the Ford Foundation. In 1961 he published his standard work Macroeconomic Theory, by his time, he became a leading representative of macroeconomics.

In 1962, he was first a member of the Council of Economic Advisers, then 1964-1968 as its chairman and as such one of the closest economic adviser to President Lyndon B. Johnson. In this role, he told President Johnson that the U.S. is the burden of the Vietnam War and the extensive social policies to combat poverty and racial discrimination can only be overcome by raising taxes, which it did not come until 1968. The delay this necessary tax increases was later viewed by economists as the Nobel laureate economist Paul A. Samuelson as one of the reasons for the high inflation in the 1970s.

Subsequently, he was from 1968 to 1969 Ambassador to Italy.

Ackley, who was also an advisor to the Federal Reserve System and the Treasury, was also a Fellow of the American Academy of Arts and Sciences and Distinguished Fellow of the American Economic Association. In 1982 he was finally president of the American Economic Association ( AEA).

In 1970 he was awarded the prize for outstanding merits of the Alumni Association of Western Michigan University (Distinguished Alumni Award Recipient ).

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