During most of the 1960s, the U.S. enjoyed rapid economic growth combined with both low unemployment and low inflation. But in the 1970s the economy has been plagued by inadequate expansion, persistently high unemployment and galloping inflation; indeed last week the Labor Department set the rise in consumer prices for all of 1978 at a full 9%, making it the second most inflationary year in the past three decades.* Why the enormous difference between the fat Sixties and the souring Seventies? Though no single...
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