I came out of a standard Keynesian economics education at Harvard College in 1979. It was remarkably closed: from what I could tell, we read Chicago economists, from whom the supply-side movement arose, exclusively to mock them.
But I graduated into an economy that was couldn’t be explained by applying the tools I had been taught. And within three years of my graduation, unemployment hit 10.8%, inflation 13.5%, and the prime rate 21.5%. It was supposed to be it impossible for all of those things to happen at once.
Image: Free Digital Photos
