Opinion: A Voice in Dissent

The world of economics is astir. Government is taking an increasingly big hand in the economy; economists are testing new theories that are overturning older methods. It is a time when those who prize ordered theories and predictable patterns are in the distinct minority. That minority nonetheless has its voices—and one of the most articulate is that of John Davenport, an assistant managing editor of FORTUNE, whose book on The U.S. Economy has just been published by Henry Regnery.

Davenport is a sort of Emerson of economics, eloquently pleading the case for...