Scarcely noticed in the long-swirling debate about how to achieve prosperity without inflation is the fact that since recession-shadowed early 1958 the U.S. economy has sensationally achieved just that (see chart). Last week Administration officials reported that the U.S.'s gross national product added up to an alltime record rate of $464 billion a year in the first quarter of 1959a hefty $37 billion above the first quarter of 1958.
During the G.N.P.'s upswing, the U.S. cost of living held just about steady, meaning that the added output was solid growth, not mere bloating. Last week the Bureau of Labor Statistics announced...
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