WE are really at a watershed of economic policy now," President Nixon told an impromptu news conference last week. His words signaled a spreading conviction in Washington that the Government has at last cooled the economy enough so that the rate of inflation is being reduced. Now there is much sentiment in the Administration for shifting policy to concentrate on reviving business enough to keep unemployment within reasonable bounds. That feeling is widely shared by private economists and by Government policymakers who testified last week before the congressional Joint Economic Committee. They generally...
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