A CONSERVATIVE'S CREED
After flings with Keynesianism and supply-side economics, the U.S. should return to traditional conservative policies. That is Herbert Stein's message in Presidential Economics The Making of Economic Policy from Roosevelt to Reagan and Beyond (Simon & Schuster; 414 pages; $16.95). Stein, chairman of the President's Council of Economic Advisers from 1972 to 1974, describes how more than 30 years of such liberal standbys as tax cuts and increasing Government regulation helped bring about the runaway inflation of the late 1970s. "By 1980," he writes, "the country was ready for a more radical turn of economic policy to the...
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