Expediency and the Failure of Macroeconomic Policy: Testimony of Leon H. Keyserling : Before the Joint Economic Committee of the 95th U. S. Congress

Mr. Chairman and Members of the Committee: I appreciate this opportunity to appear before you again, and to summarize the current significance of studies and observations which I have made since this Committee commenced its operations in 1947 under the Employment Act of 1946. I say this advisedly, because I have become increasingly convinced that appraisals of current national economic conditions and development of current national economic policies have been seriously handicapped for more than two decades, and still are, by excessive concentration upon short‐range matters. My reasons for this conclusion will become obvious as I proceed.