THE public has become obsessed with the fear of inflation." Thus last week spoke Dr. William C. Freund, economist for the Prudential Insurance Co. of America, in taking an unfrightened look at the bogeyman that haunts the U.S. economic revival. The worry that inflation is ready to start shooting prices up again is nowhere more evident than in the stock market, which last week reached a new high (see State of Business). But is the new inflation psychology justified by the economic facts? Answers Dr. Freund: "The stock market reflects a too acute awareness of the long-term aspects...
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