Hugh Gardner Ackley was an American educator, economist, diplomat and writer. Ackley gained prominence in the field of economics as a New Economist—those who believe that the economy and inflation are directly related to government spending and taxation.
Background
Hugh Gardner Ackley was born on June 30, 1915, in Indianapolis, Indiana, United States. He was a son of Hugh M. Ackley and Margaret (McKenzie) Ackley. By 1920, the family moved to Detroit, Michigan, and ten years later they were living in Kalamazoo, Michigan, where Ackley's father was a professor of mathematics at Western Michigan University and his mother was a Latin teacher at a local high school.
Education
Ackley attended public schools in Kalamazoo, Michigan. He graduated from Western Michigan University in 1936 as a Bachelor of Arts. A year later he earned his Master of Arts degree from the University of Michigan, as well as his Doctor of Philosophy degree in 1940.
Ackley became an honorary Doctor of Laws at Western Michigan University in 1964 and in Kalamazoo College in 1967.
Ackley had a longstanding relationship with the University of Michigan beginning in 1940 as an instructor in economics. He became a full professor in 1952, and was named the head of the Department of Economics in 1954, he served in that position until 1961. Ackley eventually retired in 1984. During that time he also held many government appointments. He worked with the Office of Price Administration, the Office of Strategic Services, the United States Office of Price Stabilization, as well as the President’s Council of Economic Advisors from 1964 till 1968. Ackley also served as economic advisor to the president during the Kennedy and Johnson Administrations. From 1968 to 1969 Ackley served as the United States Ambassador to Italy.
He wrote several books and contributed to professional journals. He was also a member of the editorial board of American Economic Review. His major works include Macroeconomic Theory, Stemming World Inflation, Asia's New Giant: How the Japanese Economy Works, and Un modello econometrico dello sviluppo italiano nel dopoguerra (which means “An Econometric Model of Italian Postwar Development”). Ackley was also a columnist for Dun's Business Month.
Ackley believed that government had a definite role in fine tuning the economy, using both fiscal and monetary intervention. He warned President Johnson in 1966 that a tax increase was needed to finance the escalation of the war in Vietnam and the increased social welfare spending that Johnson was undertaking.
Membership
Ackley became a fellow of the Ford Foundation. He was also a member of the National Economics Club, Phi Kappa Phi Honor Society and Tau Kappa Alpha Forensic Society.
American Economic Association
,
United States
1982
American Academy of Arts and Sciences
,
United States
1968
Personality
Quotes from others about the person
'[Ackley] never told the press what he told the President, but President Johnson included it in his memoirs. I can't think of a better epitaph than that. It took guts, because usually people tell a President what he wants to hear.'' - Paul Samuelson
Connections
Ackley married Bonnie Lowry on September 18, 1937. The marriage produced two children - David and Donald.