Economists today generally agree on one point: many of their old ideas do not work well in controlling that endemic modern problem, stagflation. A stiff dose of Government spending, prescribed by Britain's late Dr. John Maynard Keynes to cure depression, often leads to an inflation high. The monetarist medicine formulated by Dr. Milton Friedman —take a slow, steady increase of money supply—often produces the economic blahs. The radical surgery of wage-price controls is widely recognized as a palliative at best or, at worst, counterproductive quackery....
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