Word: hellers
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...Road Ahead. Among his fellow economists, Walter Heller is usually tagged as a "liberal," but he departs so often from what used to be liberal cliches that the identity tag is a bit blurred. A more descriptive label, one that he applies to himself, is "pragmatist." That is the vogue word among economists today, the term that most of them use to label themselves and one another. When economists call themselves pragmatists, they mean that they are the opposite of dogmatists, that they are wary of broad theories, that they lean to the cut-and-try approach to public problems...
Pragmatist Heller takes a rather cheerful tone about the economic road ahead. He considers the current recession "mild," thinks that the antirecession program that the President has submitted to Congress will be enough to get an upturn going, despite the complaints of labor leaders that the program is too skimpy. And, if necessary, the Administration will simply mix another batch of remedies, in keeping with the President's promise to "submit further proposals to the Congress within the next 75 days" if the recession deepens. Looking beyond the current recession to the goal of faster growth, Heller is "basically...
...Heller sounds so cheerful at times that he gets accused of being overly optimistic. In a TV interview a couple of weeks ago, a questioner charged him with being an "onward and upward predictor," contradicting the "gloomy view" that Kennedy took during the campaign. Was he really so confident that the Administration's antirecession measures would work? Replied Heller: "Yes." That confident yes is characteristic of Heller, and of the new pragmatic economics...
Perhaps the most important development in U.S. economics since 1946 has been the emergence of what Mitchell called for: a body of statistical information on how the economy actually behaves under various conditions and under the impact of various policies. Says Walter Heller: "We simply know a whole lot more about where we are than we ever did before." The accumulation of detailed economic data, plus the refinement of statistical techniques, has brought about what Stanford Economics Professor Kenneth Arrow calls the "professionalization" of economics. By broadening the areas of fact, the professionalization has narrowed the areas of theory...
...Walter Heller exemplifies the softening of past liberal-conservative conflicts. Items...