As a member of the Council of Economic Advisers, Herbert Stein, an advocate of free markets, argued long and hard against controls on wages and prices. But when he was summoned in mid-August to the weekend Camp David summit at which the pay-price freeze was slapped together, he recalls, "I felt a sense of exhilaration. I left all sorts of conventional notions behind." Working almost straight through from 7 p.m. Friday to noon Saturday, he drafted position papers on the options facing President Nixon; on Saturday night he wrote summaries so trenchant that,...
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