W. Robert Brazelton

Samuelson's Principles of Economics in 1948 and 1973.

This article differs from those usually found in this journal, but it was felt that it would be of interest to most college teachers of economics. Professor Brazelton has systematically compared early and recent editions of Paul Samuelsons famous textbook, noting how Samuelson has substantially changed over a period of 25 years. Because Samuelsons text has had a profound influence on the content and approach to the introductory course, the changes that have occurred in that book should be noted by everyone responsible for teaching principles of economics.

Some Major Changes in the Principles of Economics as Exemplified by the Principles of Economics of Paul Samuelson, 1948–1973

One of the problems confronting the practitioners and educators of any scientific discipline is the changes in theory, complexities, problems, and emphasis that take place over a period of time. This paper is concerned with such changes as is exempli fied by a selective analysis of two editions of the introductory textbook Economics by Paul Samuel son. The essential point is that between the First Edition (FES) and the Ninth Edition (NES) of Professor Samuelsons text there have been some

On the “Orthodoxy” of Leon Hirsch Keyserling: Selected Major Analytical and Policy Concepts and Advice to Presidents

This paper discusses major selected tenets of the economic analysis and policy prescriptions of Leon H. Keyserling, the major economic advisor to President Truman and a prolific letter writer to later Presidents, Vice-Presidents and others. This paper is an analysis of (1) of Keyserlings major analytical, and policy beliefs stressing full employment growth from his papers and publications; including a discussion of Keyserlings beliefs concerning economic analysis of Keynes and other forms of analysis such a rational expectations, econometrics, etc.; (2) selected letters to Presidents and others, concerning his advice to them; and (3) a brief conclusion. The analysis below is from his personal files deposited in the archives of the Truman Presidential Library, Independence, Missouri.

An empirical note on deficits, interest rates, and international flows

Abstract This “Note” expands upon a previous work of Richard Cebula and James Kock that indicated that federal budget deficits influence long term U.S. interest rates, even after inflows of capital into the United States are considered. My expansion of their analysis is in agreement, but specifies that there were also specific monetary policy reactions by the Federal Reserve during the 1980 s that added to the effect of the large budget deficits upon U. S. interest rates, capital inflows, and currency exchange rates that were not explicitly specified by the Cebula-Kock analysis.

Constant Full Employment Growth: The Economic Analysis and Policies of Leon Hirsch Keyserling, Council of Economic Advisors – The Truman Era and Beyond

This article discusses the generalized economic theories and policy prescriptions of Leon Hirsch Keyserling. Keyserling himself was a major author of the Employment Act of 1946, which created the Council of Economic Advisors. He became a member of the first council and later the second chair of the council, both during the Truman presidency. Keyserling also openly criticized the now-famous “Accord” of 1951-1952 between the Treasury and the Federal Reserve. Examination of his work and service links Keyserling’s later 16 economic policies to his goal of “constant full employment growth.” JEL Classifications: E21, E31, E40, E51, N12

Review of Understanding The Social Security Act: The Foundation of Social Welfare for America in the Twenty‐First Century

Dr. W. Robert Brazelton divides this work into three parts and offers an analytical assessment of its value within the American social welfare realm.

Aggregate Supply Once More: Two Further Replies in One

In a recent comment on the status of the exchange in this Journal on the aggregate supply schedule between Thomas Reinwald [10,11], Kehar S. Sanghra [ 13,14] and myself [3, 4], Robert McAuliffe [9] criticizes both Reinwald and myself. One of McAuliffes arguments against both Reinwald and myself is that we both overlook the previous works on aggregate supply in the current textbook analysis of Robert Gordon (1984) and of Rudiger Dornbusch and Stanley Fischer (1984). I plead guilty, but point out that my original aggregate supply schedule analysis in this Journal appeared in 1983 and Reinwalds was published in 1977.1 The same can be said for his other references, for example, Roger Farmer, December, 1984. More specifically, McAuliffe criticizes me