ECONOMISTS and consumers seldom see eye to eye on the state of business, but rarely have they been so far apart as they are today. To most economists, who judge what is happening by broad statistical indexes, the signs are increasingly clear that business is coming out of an inflationary downturn into a period of gradual but steady production growth and slower price rises. To many consumers, who reason from personal experience, the economists are talking gibberish; they expect a continued combination of recession and sharp inflation. The odd thing is that, in at least a few important respects, both are...
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