Almost lost in the flood of last week's news was the announcement that Alvin Harvey Hansen, Harvard's New Dealish, free-wheeling Lucius N. Littauer professor of political economy, will no longer act as consultant to the Board of Governors of the Federal Reserve System.
Since 1940 stocky, spectacled Alvin Hansen had commuted weekly from Cambridge to Washington to preach his left-wing economic views. For many years the hierarchy of New Deal officialdom has been fascinated by his contentions that: 1) there was no need to worry about the staggering size of the national debt so long as Government money was spent...
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