Nobody is apt to look back on the 1970s as the good old days. The economy's most disruptive decade since the Great Depression has borne the stagflation contradiction of no growth amid rampaging inflation, the can't do trauma of receding productivity in the nation that was long the world's cornucopia, the reality of an energy shortage in the land of supposedly boundless resources, and the debauch of a dollar that once was "as good as gold."
Economists, proud and powerful in the 1960s, now look like Napoleon's...
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