Word: hellers
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...faculty includes Heart Surgeon C. Walton Lillehei. Oceanographer Athelstan Spilhaus, Physiologist Ancel Keys (TIME cover, Jan. 13) and Economist Walter Heller (TIME cover, March 3). Though weak in language and music, the university is strong in medical and physical sciences. Its English Department has long imported such author-teachers as Novelist Robert Penn Warren, currently employs Poet Allen Tate. The average student IQ is only 115 even at the slightly selective (top 60% of high school graduates) liberal arts college, yet Minnesota abounds with ambition. "There's a kind of eagerness to learn here," says one English professor. "They...
Removal of Ignorance. Next to dropping the tight money policy, Heller's most important prescription for faster economic growth is increased Government investment in "our most valuable resource, the human mind." In Heller's thinking, education has an enormous economic value. He points out that the chronically unemployed are largely the uneducated and unskilled-the economy has jobs waiting to be filled, but only for the educated and the skilled. He sees in education the explanation of the "paradox of persistent poverty amidst growing plenty"; substandard education, he says, "dwarfs any other cause of poverty...
Bubbling with excitement at the opening of a new frontier in economics. Heller points to a new concept, with "vast implications for public policy," that came into economics within the past two years: the idea that "human capital" (knowledge, skills, invention) contributes more to economic growth than "tangible capital" (factories, machinery). This notion might be suspect as a liberal rationalization for federal aid to education, except that the pioneering statistical studies on the economic value of human capital were carried out at conservative Arthur Burns's National Bureau of Economic Research and at the University of Chicago...
...goals. Aside from the unemployed, the public generally seems pretty satisfied with the economy's performance during the Eisenhower years-or at least seems more concerned about price upcreep than about growth rate. Dwight Eisenhower's sermons on economics got across to the American public-as Walter Heller knows. "There has been a metamorphosis in the Congress and the people," says he with a touch of bitterness in his voice. "The strain of fiscal conservatism has become strong, perhaps because it has been so well nurtured during the last eight years. There is a deep strain of conservative...
...Walter Heller: The basic curve of the economy now is a saucer - and very shallow. There is an upturn coming within the next three to six months...