New York, Aug. 16-—It was, on the whole, a victory for the dirigistes, the economists who believe in strongarming the situation so as to bring about the desired results. The opposite approach is the market approach, with intervention substantially limited to careful increases in the money supply to keep steady the flow of grist for the expanding economic machine. It is obvious that Mr. Nixon’s patience gave way, and that he turned from the course of action recommended by Messrs. Friedman and Schultz, in order to act decisively; or, if not that, in order to appear to be acting decisively.
Concerning what he actually did, a few observations:
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