Gardner Ackley facts for kids
Quick facts for kids
Gardner Ackley
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| United States Ambassador to Italy | |
| In office April 3, 1968 – August 27, 1969 |
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| President | Lyndon Johnson Richard Nixon |
| Preceded by | Fred Reinhardt |
| Succeeded by | Graham Martin |
| 6th Chair of the Council of Economic Advisers | |
| In office November 16, 1964 – February 15, 1968 |
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| President | Lyndon Johnson |
| Preceded by | Walter Heller |
| Succeeded by | Art Okun |
| Personal details | |
| Born | June 30, 1915 Indianapolis, Indiana, U.S. |
| Died | February 12, 1998 (aged 82) Ann Arbor, Michigan, U.S. |
| Political party | Democratic |
| Education | Western Michigan University (BA) University of Michigan, Ann Arbor (MA, PhD) |
Hugh Gardner Ackley (June 30, 1915 – February 12, 1998) was an important American economist and diplomat. He worked for two U.S. Presidents, John F. Kennedy and Lyndon B. Johnson. He was even the main economic advisor for President Johnson. Later, he became the U.S. Ambassador to Italy. Ackley also taught economics at the University of Michigan for over 40 years.
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Early Life and Education
Gardner Ackley was born in Indianapolis, Indiana, in 1915. He grew up in Kalamazoo, Michigan. He went to public schools there. He then graduated from Western Michigan University in 1936.
He continued his studies at the University of Michigan. He earned his Ph.D. (a high-level degree) in 1940. Right after that, he joined the university's teaching staff.
Working for the Government
During World War II, Ackley worked for the U.S. government. From 1941 to 1946, he was with the Office of Price Administration. He also worked for the Office of Strategic Services. These groups helped manage the country during the war.
Later, from 1951 to 1952, he helped the U.S. Office of Price Stabilization. This office worked to keep prices stable.
Economic Ideas and Advice
Gardner Ackley believed the government had a key role. He thought it should help guide the economy. This could be done by changing taxes or how much money is available. This is called "fine-tuning" the economy.
Advice to President Johnson
In 1966, Ackley gave important advice to President Johnson. He warned that the country needed to raise taxes. This was to pay for the Vietnam War and new social programs.
President Johnson did not ask for a tax increase. Many economists, including Paul Samuelson, believed this led to inflation. Inflation means that prices for goods and services go up.
Teaching and Writing
Ackley taught at the University of Michigan for 43 years. He was also the head of the economics department. After serving as ambassador, he returned to the university. He became a special professor there.
He wrote a very popular textbook called Macroeconomic Theory. This book was for advanced students. It was translated into many languages. It was a standard textbook in the 1960s and 1970s.
In 1982, he was the president of the American Economic Association. This is a big honor for economists. He also received fellowships from important groups. These included the American Academy of Arts and Sciences. He was also elected to the American Philosophical Society.
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Gardner Ackley
