The Economy: A Question of Psychology

In their offices just across from the White House, the President's hardworking economic advisers are expected to stay on the job until they see the lights blink off in Lyndon Johnson's Oval Room. Last week their lights burned even later than usual as the members of the Council of Economic Advisers grappled with a problem that deeply affects U.S. business: how to keep the economy expanding well into 1965. The council members—and many businessmen—are concerned about speculation that the economy is showing signs of age after its 45-month expansion, and that there is little on the horizon to keep...

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