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Journal of Economic Perspectives: Vol. 10 No. 3 (Summer 1996)


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A Successful Accident: Recollections and Speculations about the CEA

Article Citation

Stein, Herbert. 1996. "A Successful Accident: Recollections and Speculations about the CEA." Journal of Economic Perspectives, 10(3): 3-21.

DOI: 10.1257/jep.10.3.3


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.

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Stein, Herbert (American Enterprise Institute)

JEL Classifications

E60: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
N42: Economic History: Government, War, Law, and Regulation: U.S.; Canada: 1913-


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