INFLATION: Set of Unpalatable Options

IN public, the Nixon Administration professes serene confidence in its economic strategy. But backstage, a gnawing unease is growing. Indeed, President Nixon has recently called on his advisers, and some outside economists, to suggest alternatives to the tattered anti-inflation policy of Phase III. From board room to checkout counter, public pressure is building for some decisive action to deal with an economy that seems to have spun out of control into the kind of inflationary binge that historically precedes recession.

Signs of this economic runaway proliferate regularly. New ones last week:

Manhattan's...

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