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 doctrineto say nothing of the spirit in which Jimmy Carter...