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Title: CRS84798Lpage41
Page from: info:fedora/mu:77086
Text: Haveman, de- ‘ 3 rs ' . - ' .v u’’.; . V . . 2"‘ ‘ gan immediately decontrolled oil prices and __ ’ DAVID R. HENDERSON, recently a senior staﬂ" economist for the Council of Economic Advisers, is now a re- _ . search economist in Monterey, California. Economists John L. Palmer and Isabel V Sawill Reprodu mywaeRn2,19e4 romxe 251 14 M. no ced with the permission of Fortune, ©1984, Vo

Title: CRS84798Lpage37
Page from: info:fedora/mu:77086
Text: years of analyzing oth- er people's options, she is entitled to a ﬂing at expressing her own preferences. But the readers should know what they are getting---- especially when the product represents the collective wisdom of one of the most re- spected U.S. research institutions. Although the book deals with a variety of Hanson S11-:1N, a senior fellow at the American Enter- prise Institute

Title: CRS84798Lpage40
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Title: CRS84798Lpage36
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Title: CRS84798Lpage73
Page from: info:fedora/mu:77086
Text: why one part of the I982 Social Security legislation will not prove workable. Under that plan. those with incomes of $20.03) or more ($2S.(!l) for a couple) would have to pay taxes on half their-Social Security benefits. Since those earning Sl9.999 will pay notax at all on their benefits. the plan will create obvious disincentives and in- equities. Roberts says that a better way

Title: CRS84798Lpage72
Page from: info:fedora/mu:77086

Title: CRS84798Lpage75
Page from: info:fedora/mu:77086
Text: Confessions of a White House Adviser PRESIDENHAL ECONOMICS The Making of Economic Policy From Roosevelt to Reagan and Beyond. By Herbert stem. (14 pp. New York: Simon 8: Schuster. $16.95. By Leonard Silk HAT is the actual role of the professional economist in the making of national eco- nomic policy -- and what should it be? In "Presidential Economics." Herbert Stein, who

Title: CRS84798Lpage77
Page from: info:fedora/mu:77086
Text: villain in the falling out, he declares, is Mr. Stockman. a man whose early suppl -side sympathies quickly evapora and who “orches- trated” thte c(l;f1icit-mongers who, de- spairing o a evlng major spending cuts, pressed for higher taxes in- gtggﬂ . _. -:= - 32 THE NEW YORK TIMES FEBRUARY 29, 1984 PAGE C21 Althoughit is hard tovouch for the full, contextual accuracy of many of his charges, Mr. Roberts

Title: CRS84798Lpage68
Page from: info:fedora/mu:77086
Text: M ‘ 14' lAUIt$,|l». :lli(ll “!1rx'IJ

Title: CRS84798Lpage78
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Title: CRS84798Lpage70
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Title: CRS84798Lpage76
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Title: CRS84798Lpage74
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Title: CRS84798Lpage15
Page from: info:fedora/mu:77086
Text: -price guidelines (1962-1967-and 1978-1979), a wage—price freeze and mandatory con- trols (1971-1974), a ﬂirtation with credit controls (1980), a devaluation of the dol- lar (1971), the abandonment of the sys- tem of ﬁxed exchange rates (1973), and a major shift in Federal Reserve monetary policy (1979). The ideal remains elusive. 1 It remains elusive because it is unat- tainable. The story of the past twenty 99

Title: CRS84798Lpage17
Page from: info:fedora/mu:77086
Text: ’t think Congress would pass it. He was, of course, right. He ﬁnally advanced a sur- tax, in 1967, but Congress did not adopt the measure until June of 1968. By that 100 time, the virtual price stability of the 1950s and early 1960s had been lost; be- tween 1960 and 1966, inﬂation had risen from one to 3 percent, and it kept rising. The episode revealed an inherent im- balance in. the politics

Title: CRS84798Lpage18
Page from: info:fedora/mu:77086
Text: M 31..

Title: CRS84798Lpage16
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Title: CRS84798Lpage19
Page from: info:fedora/mu:77086
Text: the Depression. Unemployment in 1939 was 17.2 per- cent, lower than in 1933 (24.9 percent) but higher than in 1931 (15.9 percent). War ended the Depression. In 1944, un- employment was 1.2 percent. What the Depression actually changed

Title: CRS84798Lpage21
Page from: info:fedora/mu:77086
Text: ) derived in part from the price stability of the 1950s. But by the 1970s, the economy had to deal with the inﬂa- tionary side effects of those policies. A1- most all the comparisons favor the 1950s. 1950s 1960s 19703 Average Annual Unemployment 4.5% 4.7% 6.4% Average Annual Inﬂation 2.1% 2.8% 7.9% Average Annual Productivity Gain 2.6% 2.8% 1.4% ESPITE THE EXAMPLE of the fifties, the prejudice persists

Title: CRS84798Lpage23
Page from: info:fedora/mu:77086
Text: predecessors, President Reagan’s 1980-1981 utopian promises belonged to a long tradition of overblown rhetoric. His Democratic critics still peddle bat- tered versions of the vision of the 1960s. Government that constantly inﬂicts fail- ure on itself-—by creating expectations of impossible success-—risks undermin- ing public’ support and inducing increas- ingly unstable and desperate policies. Ideas hold

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