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Journal of Economic Perspectives: Vol. 10 No. 3 (Summer 1996)
JEP Volume. 10, Issue 3 | 
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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
DOI: 10.1257/jep.10.3.3
Abstract
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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Authors
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-
N42: Economic History: Government, War, Law, and Regulation: U.S.; Canada: 1913-
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