WHEN we decided in 1969 to create a Board of Economists, we were certain that experts with wide academic and governmental experience would help our Business section's analysis and reporting. Just how valuable the nine-member board was to prove became clear as economic problems worsened and the Nixon Administration finally launched its New Economic Policy in August 1971. At its very first meeting with TIME staffers two years ago, the board had a sense of where events were headed. The U.S., the members agreed, was at a new and dangerous turning point. Since then, the board has periodically made concrete predictions;...
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