born Feb. 4, 1897, Fürth, Ger.
died May 5, 1977, Bonn, W.Ger.
German economist and politician.
As economics minister (1949–63), he was the chief architect of West Germany's postwar economic recovery. He achieved what has been called an economic miracle through his "social market system," which was based on free-market capitalism but included special provisions for housing, farming, and social programs. In 1957 he was appointed federal vice-chancellor, and in 1963 he succeeded Konrad Adenauer as chancellor. His government was troubled by an economic downturn and a budget deficit, as well as Erhard's relative weakness as a leader, and he was forced to resign in 1966.