Understanding what happened and why is important if we are to learn the right lessons from the recent past. It would be easy but false to say that the current recession shows once again the futility of fine tuning the economy through policy, and that the only way to tame inflation is a good old fashioned recession.
On This PageMarch 1991, No. 43
Unfortunately, having landed safely at the airport, the economy was struck by a run-away oil truck while taxiing to the gate.
The Cost of Uncertainty
Last Updated: 03/29/91