In 1914, she married Friedrich Schuster, a lawyer, but he was killed a year later while serving in the First World War.
She encountered Erhard again while studying business management and accounting in Nuremberg in 1919, and they married in 1923.
Luise had a daughter from her first marriage, Eleanore, and had a second daughter, Elizabeth, with Erhard.Although she was an accomplished economist in her own right, Luise Erhard placed her career on hold in order to support her husband's political career.
Ludwig Erhard served as Chancellor from 1963 until 1966.
A 1964 profile in The New York Times noted that "In matters of economics, Luise Erhard, it is said, is one of the German Chancellor's most valued counselors.
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