Word: inflationitis
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Dates: during 1960-1969
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Those beliefs have grown stronger in the past eight years, while the U.S. economy has expanded under the vigorous application of neo-Keynesian principles. Today, when the economy is strained by inflation, Friedman's challenge commands serious attention and growing support, and is a topic of heated debate among...
Erratic Swings. In Friedman's view, the Government has repeatedly misused its two chief weapons against recessions and inflation: fiscal and monetary policies. He contends that the Keynesians rely too much on fiscal regulators-that is, on changes in taxes and federal spending. Consequently, they underrate the influence of...
Since 1960, the money stock has changed at annual rates that have swung all the way from plus 13.5% to minus 2.8%, depending on the board's shifting opinion of the economy's needs. Such fluctuations are usually reflected in the performance of the whole economy six to...
Similarly, De Gaulle held out to France's workers the vision of a new economic order. In it they would share in both the management and profits of their plants. That scheme, which De Gaulle calls participation, remains nothing more than a promise, partly because neither workers nor their...
Yet for all its imbalances, the economy seems healthy enough to continue expanding despite obvious problems and pressures. In 1969, the U.S. is likely to experience more of what it has had for the past eight years: continued monetary alarms and inflation at a somewhat lower rate-but no recession...