Two-Phased Economics

The New Economics of Richard Nixon, by Roger LeRoy Miller and Raburn M. Williams (Harper’s Magazine Press, 88 pp., $5)

Last August the President announced that we would henceforth have “free enterprise” with complete government supervision, and “free trade” with high tariffs. Washing his hands of any taint of responsibility for stagflation, Mr. Nixon proclaimed that the problem was private greed and the only solution was to place our fortunes in the hands of a beneficent public overseer.

About the Author

Alan Reynolds

Alan Reynolds, National Review’s economics editor from 1972 to 1976, is a senior fellow at the Cato Institute and the author of Income and Wealth.

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The New Economics of Richard Nixon, by Roger LeRoy Miller and Raburn M. Williams (Harper’s Magazine Press, 88 pp., $5)

Last August the President announced that we would henceforth have “free enterprise” with complete government supervision, and “free trade” with high tariffs. Washing his hands of any taint of responsibility for stagflation, Mr. Nixon proclaimed that the problem was private greed and the only solution was to place our fortunes in the hands of a beneficent public overseer.