Where Have All the Answers Gone?

Economists seem bankrupt just when their ideas are needed most

President Reagan's extraordinary holiday proposal for aiding America's growing army of the unemployed popped up again last week. Noting that businesses still outnumber jobless workers,* the President suggested that every firm try to hire just one more person. At his first 1983 news conference, however, Reagan conceded that employers are not yet rushing to respond.

Economists might dismiss the President's remedy as frivolous, but their own prescriptions have not helped much either. Faced with a grinding recession that has driven the unemployment rate to...

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