Word: 1960s
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Dates: during 1970-1979
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Economists, proud and powerful in the 1960s, now look like Napoleon's generals decamping from Moscow. Their past prescriptions ?tax tinkering and Government deficit spending to prop up demand, wage and price guidelines to hold down inflation?have been as helpful as snake oil. "Things just do not work now as they used to," says former Federal Reserve Chairman Arthur Burns, and who can contradict him? The U.S. economy, bloated and immobilized, has been turned topsy-turvy...
Still undergraduates when Keynesianism was flourishing in the late 1950s and the 1960s, the new economists are now professors in their own right at universities around the country. Among them: Martin Feldstein, 39, of Harvard, who is the leading thinker in the group; Robert Lucas, 41, of the University of Chicago; Michael Boskin, 33, of Stanford; Rudiger Dornbusch, 37, and Stanley Fischer, 35, both of M.I.T.; as well as many, many others...
...roots of this crisis are old and deep. In the 1960s, under Chairman Lynn Townsend, Chrysler glanced jealously at the worldwide power of both GM and Ford and tried to emulate them by expanding rapidly at home and abroad. The forced growth was ill-timed, haphazard and too fast. Chrysler entered the 1970s lacking the financial resources to weather three recessions, two oil crises and an enormous wave of environment, safety and fuel-economy regulations...
...were also ultimately destructive. Though each protected its own stretch of beach, the barricade hastened erosion on the adjacent section, which was no longer replenished by the wash of fresh sand. The only solution seemed to be to build more groins, but they caused more erosion. By the early 1960s, the waves were lapping almost at the foundations of Miami Beach monuments like the Fontainebleau Hilton...
...some of Esquire's best years were the 1960s, when its editors' carefree irreverence suited the disillusion and cynicism of the times. The magazine's New Journalism brought the techniques of the novelist to matters of fact-profiles were not concentrates of fact gathering but freewheeling, pinwheeling displays of the author's prejudices. Tom Wolfe and Gay Talese could be wonderfully readable ("I don't deal in direct quotations," explained Talese, "I'm into what people think"). Meanwhile, Esquire's black-humor covers became intentionally outrageous, such as posing a benign Lieut. William...