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Hugh Gardner ACKLEY

Hugh Gardner ACKLEY, economist in the field of Macroeconomic Theory.

Background

  • ACKLEY, Hugh Gardner was born in 1915 in Indianapolis, Indiana, United States of America.

  • Education

    • Bachelor of Arts Western Michigan University, 1936., Hon Doctor of Laws, Master of Arts, Doctor of Philosophy University Michigan, 1964, 1937, 1940. Hon Doctor of Laws Kalamazoo College, 1967.

    Career

    • Instructor, Ohio State University, 1939-1940, University Michigan, 1940-1941. Consultant, National Resources Plan Board, 1940-1941. Economics, United States Office Price Administration, 1941-1943, 1944-1946.

      United States Office of Strategic Service, 1943-1944. Assistant Professor, Association Professor, Professor, Henry Carter Adams Distinguished Professor Political Economics, University Michigan, 1946-1947, 1947-1952, 1952-1969, 1969-1983. Consultant, United States Economics Stabilization Agency, 1950-1951.

      Economics Adviser, Assistant Director, United States Office Price Stabilization, 1951-1952. Member, Chairman United States President's Council Economics Advisers, 1962-1968, 1964-1968. United States Ambassador Italy, 1968-1969.

      Member, National Advisory Council Social Security, 1978-1980. Columnist, Dun’s Review, Dun’s Business Month, since 1971. Fulbright Research Scholar, Italy, 1956-1957.

      Ford Foundation Faculty Research Fellow, Italy, 1961-1962. Member, Senior Adviser, Association Staff, Brookings Institute, Institution, 1976-1978, 1979-. Trustee, Joint Council Economics Education, 1971-1977: Director,National Bureau of Economie Research, New York, New York, United States of America, 1971-1980; Visiting Committee, Department Economics, Massachusetts Institute of Technology, Cambridge, Mass., USA, 1971-1977.

      Professor Emeritus, University Michigan, Ann Arbor, Michigan, United States of America, since 1984.

      Editorial Board, American Economic Review, 1953-1956.

    Major achievements

    • Chairman, Committee Research Publications, Committee Honors and Awards, Vice-President, Advisory Committee United States Bureau Census, President, Distinguished Fellow, American Economic Association, 1960-1961, 1959-1961, 1962, 1974-1976, 1982, 1983. Fellow, American Academy of Arts and Sciences, since 1968. Cavaliere del Gran Croce, Republica d’ltalia, 1969.

      Distinguished Alumnus Award, Western Mich. University, 1970; Member, American Philosophy Society, 1972. Distinguished Faculty Achievement Award, University Mich., 1977.

      Director, United States Social Science Research Council, United Kingdom or United States of America, 1959-1961. Research Scholar, Rockefeller Foundation Center, Bellagio, 1977.

    Views

    I was attracted into economics by the macroeconomic phenomenon of Depression. Yet my graduate studies concentrated on microeconomics. These led quickly into government consulting and then to the wartime staffs of the Office of Price Administration and the Office of Strategic Services.

    Later, I helped to manage the Korean War controls. My first and perhaps best book — a study of Korean controls — is available only in microfilm. But apparently it gets intensive use whenever a possible defence emergency causes officials to ask their economists about controls. Returning to teaching in 1952, I readily accepted reassignment to macroeconomics.

    My lectures evolved into an extraordinarily successful textbook, translated into many languages, and apparently somewhere still in use. Understanding inflation always seemed to me to require integration into macroeconomics of a somewhat institutional view of wage and price determination. This view found expression in 1959 Congressional testimony that I consider among my best work.

    It was broadly consistent with concurrent and later work by Schultze, Okun, and others, and provided my rationale for incomes policies. Services as Member and later Chairman of the Council of Economic Advisers also involved teaching macroeconomics: persuading Presidents Kennedy and Johnson and Congress to cut taxes to create jobs. As the stimulus succeeded, and as Vietnam then produced overemployment, the effort to ‘jawbone’ wage and price restraint became more necessary but more difficult. President Johnson accepted our advice to ask for higher taxes but enactment was too long delayed.

    Appointment as Ambassador to Italy after the Canadian Economie Association service reflected a longstanding interest in the Italian economy, expressed in an earlier series of articles and a monograph. Later I analysed Japanese macro-policies.

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    Born 1915
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