Word: blinder
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Dates: during 1980-1989
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Once controls are removed, prices almost always explode. The highest annual inflation rate in the U.S. during the past 60 years (18.2%) occurred in 1946, following removal of World War II restrictions. After studying the 1971-74 Nixon program, Princeton Economists Alan S. Blinder and William J. Newton concluded that by early 1975 those controls actually increased inflation by almost 1% over what it would otherwise have been during those years. Reason: policymakers simultaneously removed most restraints on fiscal and monetary policy and thus overheated the economy...
...blinder-than-justice approach to their work also raises serious questions about the contents of the book. Once Woodward and Armstrong picked their target, how did they decide what to include in the book? Their unwillingness to separate the important from the titillating shows the trouble blind writing can cause. If Woodward and Armstrong spent two years studying this court, how could they not emerge with a few ideas on how it could be improved? But if they truly had no aim, then it is little wonder they ended up with 460-odd pages of whipped cream...