In previous decades, economic policymakers were either
coxswains or rowers. In the case of the former, they'd sit at
the back, keeping an eye on where the team is heading. The
latter simply row with strength.
The rowers – pro-government – wanted
strong growth and full employment. The coxswains? They
demurred. These pro-market thinkers foresaw how inflation
follows government intervention and, just in time, the 1970s
proved them right.
By the 1990s, an agreement had been reached. Rowers would
pursue growth, but...