Business: 1979 Outlook: Recession

Economy & Business

But it will be short, mild and help curb prices, say TIME'S economists

Question: What should a Government do when its economic policy seems likely to drive the nation into a recession?

Answer: Hold fast to that stringent policy. Let the recession come, if need be. More than that, aim for the downturn to be followed not by a vigorous rebound in production and jobs but by a year or two of only moderate growth.

A year ago, that reply would have seemed a fearful sin against the spirit of liberal economic doctrine—to say nothing of the spirit in which Jimmy Carter...

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