The Council of Economic Advisors and the "Full Employment Budget Concept": Keyserling before Heller!

Abstract

This paper deals with the general concept of the Full Employment Budget (FEB) usually associated with Walter W. Heller as its originator and popularizer. Herein, however, an investigation will be made as to its earlier development by Leon H. Keyserling. This paper will be divided into five parts: a brief biographical sketch relevant to our purposes herein ofboth men; the main points ofthe FEB concept; an investigation ofKeyserling's development of the FEB concept; Heller's path to his own utilization of the FEB concept, including a statement by Heller contributing the FEB concept to the earlier works of Keyserling in the Truman Administration; and a concluding summary (B20, B31, E20, ES, E6).