The Administration: Ivied Council

With a staff of 45, a 25-room operational headquarters, and an annual operating budget of $830,000, the White House Council of Economic Advisers would seem by Washington standards to be little more than a bureaucratic nodule. In fact, the three-man agency is one of the nation's most crucial nerve centers, daily furnishing the President with electrocardiographic readings on the economy and providing its own prescriptions for fiscal and monetary policy.

As CEA chairman for more than three years, Gardner Ackley has enjoyed a special presidential confidence, conferring constantly with Lyndon Johnson,...

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