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The crisis of the day was the Great Inflation, the wage- price spiral that drove U.S. inflation from negligible levels in the mid-1960s to double digits in the early ‘80s. That episode, far from being an accident, arose from a well-meaning attempt by successive governments -- Democratic and Republican alike -- to keep the economy permanently near full employment, as Robert J. Samuelson says in “The Great Inflation and Its Aftermath.” Government was a problem, however tempting it is to pin all the blame on the 1970s oil embargo.
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