Dark Horses

The economic wise men of the Federal Government are telling us we must be brave and take our medicine: to stop the ravages of inflation, we’ll have to swallow down a bitter dosage of recession.

Not so, according to Representative Jack Kemp (R., N.Y.) in An American Renaissance (Harper & Row, $8.95). The “Phillips Curve” analysis, assuming a trade-off between inflation and unemployment, has been discredited by events. Inflation and recession, Kemp demonstrates, aren’t cures for one another, but twin afflictions stemming from a common source: excessive government intervention in the economy.

The economic wise men of the Federal Government are telling us we must be brave and take our medicine: to stop the ravages of inflation, we’ll have to swallow down a bitter dosage of recession.

Not so, according to Representative Jack Kemp (R., N.Y.) in An American Renaissance (Harper & Row, $8.95). The “Phillips Curve” analysis, assuming a trade-off between inflation and unemployment, has been discredited by events. Inflation and recession, Kemp demonstrates, aren’t cures for one another, but twin afflictions stemming from a common source: excessive government intervention in the economy.