Sources and References

Preface to the First Edition William Stanley Jevons, The Theory of Political Economy (New York: Augustus M. Kelley Bookseller, Reprints of Economics Classics, 1965).

1 The Pursuit of Civilization Thomas J. Peters and Robert H. Waterman, In Search of Excellence (New York: Harper & Row, Warner Books, 1984). Gary Wills, Reagan's America: Innocents at Home (Garden City, New York: Doubleday, 1987). Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 1962). George F. Will, Statecraft as Sou/craft (New York: Simon & Schuster, Touch• stone Books, 1984). Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (New York: Random House, The Modern Library, 1937). John Maynard Keynes, The General Theory of Employment, Interest and Money (New York: Harcourt Brace Jovanovich, 1936). John Cornwall, 'Notes on the Trade Cycle and Social Philosophy of Post-Keynesian Economics', in The Second Edition of the General Theory, edited by G. C. Harcourt and P. Riach (London: Macmillan, 1996). Amitai Etzioni, The Moral Dimension (New York: Free Press, 1988). Thomas Hobbes, Leviathan (Indianapolis: Bobbs-Merrill, Library of Liberal Arts, 1958). Jeremy Bentham, 'Principles of Morals and Legislation', in The World's Greatest Books, vol. xrv (New York: McKinlay, Stone & Mackenzie, 1910). The example of goal displacement comes to us from Gary R. Orren, Professor of Public Policy at Harvard's Kennedy School of Government. Robert B. Reich, The Next American Frontier (New York: Times Books, 1983). William Satire, 'The Crisis of Institutional Loyalty' in the New York Times, 18 August 1986. Robert N. Bellah, Richard Madsen, William M. Sullivan, Ann Swidler, and Steven M. Tipton, Habits of the Heart: Individualism and Commitment in American Life (New York: Harper & Row, Perennial Library, 1985). The Madison quo• tation is from Theodore Draper, 'Hume and Madison: The Secrets of Federalist Paper No. 10', Encounter 58, February 1982. Lester C. Thurow, The Zero-Sum Society (New York: Basic Books, 1980). Niccolo Machiavelli, Discourses, in Bondanella and Musa, The Portable Machiavelli (New York: Penguin Books, 1979). Stuart M. Speiser, Lawsuit (New York: Horizon Books, 1980).

2 The Demise of Liberal Economics and the Emergence of Conservatism Blinder, Alen S. Hard Heads, Soft Heath: Tough Minded Economics for a Just Surely (New York: Wesley-Addison, 1987).

220 Sources and References 221

George Gilder, Wealth and Poverty (New York: Bantam Books, 1982). David A. Stockman, The Triumph of Politics: How the Reagan Revolution Failed (New York: Harper & Row, 1985). Niccolo Machiavelli, The Prince, in Bondanella and Musa, The Portable Machiavelli (New York: Penguin Books, 1979). W. H. Auden, Selected Poems, 'The Shield of Achilles' (New York: Vintage Books, 1979). Edith Stokey and Richard Zeckhauser, A Primer for Policy Analysis (New York: W. W. Norton, 1978). Aristotle, Politics, Book III, as translated by Ernest Barker, The Politics of Aris• totle (New York: Oxford University Press, 1981).

3 The Political Economy of Civilization Christopher Lasch, The Culture of Narcissism: American Life in an Age of Dimin• ishing Expectations (New York: W. W. Norton, 1978). Mancur Olson, The Logic of Collective Action: Public Goods and the Theory of Groups (Cambridge, Mass: Harvard University Press, 1965). Thomas J. Peters and Robert H. Waterman, In Search of Excellence. Lee Iacocca with William Novak, Iacocca: An Autobiography (New York: Ban• tam Books, 1980). John T. Dunlop, Dispute Resolution (Dover, Mass: Auburn House Publishing, 1984). Steven Kelman, What Price Incentives? Economists and the Environment (Dover, Mass: Auburn House Publishing, 1981). Robert N. Bellah, et at., Habits of the Heart. Nation's Business, April 1968. Pertschuk, Michael, 'Language Matters', The Nation 26 June 1995. Berque, Philip J. and Scott, Robert E., Washington Post Op-Ed Page, 17 July 1987. Barry Schwartz, 'Reinforcement-Induce Behavioral Stereotypy: How not to teach people to discover rules', Journal of Experimental Psychology, vol. 111, no. 1, 1982. Thomas C. Schelling, Macromotives and Microbehavior (New York: W. W. Norton, 1978). Benjamin Barber, 'A New Language for the Left: Translating the Conservative Discourse', Harper's Magazine, vol. 20, November 1986.

4 What's Wrong with Economists? Robert B. Reich, The Next American Frontier (New York: Times Books, 1983). Walter Bagehot quotation as given by J. M. Keynes in his Treatise on Money, vol. II (London: Macmillan, 1930). Robert M. Solow, 'Economic History and Economics', in The American Economic Review, vol. 75, no. 2, May 1985. Paul A. Samuelson, 'Classical and Neoclassical Theory', in Monetary Theory, edited by R. W. Clower (London: Penguin, 1969). J. M. Keynes, The General Theory of Employment, Interest and Money. John Maynard Keynes, A Tract on Monetary Reform (London: Macmillan, 1923). 222 Sources and References

5 The Entrepreneurial Market System vs. State Socialism J. M. Keynes, The General Theory of Employment, Interest and Money.

6 Why Taxpayers Pay their Taxes Jude Wanniski, The Way the World Works (New York: Basic Books, 1978). David A. Stockman, The Triumph of Politics. George Gilder, Wealth and Poverty. Forbes, 'Good amnesty or poor enforcement', 4 June 1984. Trend Analysis and Related Statistics: 1986 Update, Department of the Treasury, Internal Revenue Service, Document 6011. Business Week, 16 April 1984. Income Tax Compliance Research, US Treasury Department, Internal Revenue Service, 1983. Reducing the Deficit: Spending and Revenue Options, Congressional Budget Office, February 1984. Taxpayer Attitude Study, Final Report, prepared for the IRS by Yankelovich, Skelly, and White, Inc., December 1984. 1987 Taxpayers Opinion Survey, conducted for the IRS by Louis Harris and Associates. 1990 Taxpayers Opinion Survey, Final Report, conducted for IRS by Schulman, Ronca, Bucuvalas, Inc. Charles W. Christien, 'Voluntary Compliance with the Individual Income Tax: Results from the TCMP Study', The IRS Research Bulletin, 1993/1994. Burkhard Strumpel, 'Contribution in Survey Research', in A. Peacock (ed.), Quan• titative Analysis in Public Finance (New York: Praeger, 1969). M. W. Spicer and S. B. Lundstedt, 'Understanding Tax Evasion', Public Finance, vol. 31 (1976). Joachim Vogel, 'Taxation in Public Opinion in Sweden: An Interpretation of Recent Survey Data', National Tax Journal, vol. 27, no. 4, 1974. Robert Mason and Helen M. Lowry, An Estimate ofIncome Tax Evasion in Oregon, Survey Research Center, Oregon State University, Corvalis, January 1981. Y. Song and T. E. Yarbrough, 'Tax Ethics and Taxpayer Attitudes', Public Admin• istration Review, vol. 38 (1978). Mancur Olson, The Logic of Collective Action. Jerome Kurtz testifying as head of the IRS, US Ways and Means Committee, Second Session on HR 6300, 'Bill to Improve Compliance with IRS Laws', 9 May 1982. Mark H. Moore, 'On the Office of Taxpayer and the Social Process of Taxpaying', prepared for the International Conference on Tax Compliance, Reston, Virginia, 16-19 March 1983. Clara Penniman, State Taxation Policy (Baltimore: Johns Hopkins Press, 1980). Fair Share: A Program to Increase Taxpayer Compliance in California, State of California Franchise Tax Board. N. Machiavelli, Discourses, in Bondanella and Musa, The Portable Machiavelli. 'Workshop on Increasing Tax Collections through New Enforcement Methods', National Association of Tax Administrators, National Workshop No. 4, 25-8 July 1982, Chicago, Illinois. An interview with Harry Durning, Director of Public Affairs, Massachusetts De• partment of Revenue, 28 February 1985. Sources and References 223

Remarks by Ira A. Jackson, Commissioner of the Massachusetts Department of Revenue at the National Conference of State Legislature, 26 July 1984. William M. Parle and Mike W. Hirlinger, 'Evaluating the Use of Tax Amnesty by State Government', Public Administration Review, May/June 1986. Hobart Rowan, Washington Post, 'Tax Amnesty: Mischievous Nonsense', 21 March 1986. Thomas K. McCraw, 'With the Consent of the Governed: SEC's Formative Years', Journal of Policy Analysis and Management, vol. 1, no. 3, 1982. N. Machiavelli, The Prince, in Bondanelle and Musa, The Portable Machiavelli.

7 The Basic Problem of an Entrepreneurial System: Unemployment Alfred Malabre, Beyond Our Means (New York: Random House, 1986). J. M. Keynes, The General Theory of Employment, Interest and Money. Barry Bluestone and John Havens, 'The Microeconomic Impact of Macroeconomic Policy', Journal of Post-Keynesian Economics, vol. 8, 1986. John D. Donahue, 'Efficiency, Rent-seeking and Privatization: Ten Propositions', in Economic Problems of the 1990s, edited by Paul Davidson and Jan Kregel (Edward Elgar Publisher, Cheltenham, 1991). Ronald C. Moe, 'Public and Private Sector Relationships in the Age of Privatiza• tion', in Economic Problems of the 1990s, edited by Paul Davidson and Jan Kregel (Edward Elgar Publisher, Cheltenham, 1991).

8 Unemployment Develops because Money doesn't Grow on Trees Milton Friedman, 'The Role of Monetary Policy', American Economic Review, vol. 58, March 1968. J. M. Keynes, The General Theory of Employment, Interest and Money.

9 Fighting Inflation: Controlling the Money Supply vs. Buffers and Tips Sidney Weintraub, 'An Incomes Policy to Stop Inflation', Lloyds Bank Review, 1970. Henry Wallich and Sidney Weintraub, 'A Tax Based Incomes Policy', Journal of Economic Issues, June 1971. J. M. Keynes, The General Theory of Employment, Interest and Money. Paul Volker's remarks in Economic Policy the 1980s, edited by Martin Feldstein (Chicago University Press, 1994). Muliglime Frum, New York Time, Op-Ed Page, 1 March 1987. Lester C. Thurow, The Zero-Sum Society.

10 Policy for a Civilized Global Economy: Whose International Debt Crisis Is It Anyway? Irma Adelman, 'Long Term Economic Development', Working Paper No. 589, Giannini Foundation of Agricultural Economics, Berkeley, California, 1991. The Economist, 6 June 1990. Lewis, Flora, New York Time Op-Ed Page, 4 April 1986. Financial Times, 7 February 1987. John Maynard Keynes, The Economic Consequences of the Peace (London: Macmillan, 1919). 224 Sources and References

Sarah Kerr, 'The Confidence Men', New York Review of Books, vol. 42, no. 13, 10 August 1995. Rodney Clark, The Japanese Company (New Haven: Yale University Press, 1979).

11 A Final Summing Up Robert B. Reich, Tales of a New America (New York: Times Books, 1987). Index

Accounting 104, 128, 129, 154, 156, 82, 85, 88, 90, 95, 96, 98, 100, 173 105, 116, 132, 135, 157, 158, Adelman, Irma 179, 223 170, 174, 210, 212, 213, 214, Aggregate demand 81, 85, 125 215, 217 Animal spirits 115, 116 Civil law 112, 139, 144 Aristotle 10, 22, 34, 40, 221 Civil society 1, 4, 5, 10, 11, 16, 30, Arrney, Richard 88 50, 70, 71, 76, 112, 125, 127, Assets 2, 100, 111, 119, 120, 141, 128, 132, 135, 153, 154, 161, 183, 190, 192, 195, 200, 201 210, 211, 214 Attila 5 Civilization 1, 5, 6, 9, 19, 20, 22, Auction 37, 75 25-8, 31, 33-5, 40, 43, 44, 55, Auden, W. H. 31, 221 57, 58, 77, 106, 198, 214,.218, Auschwitz 33 220, 221 Axiom 16, 25, 36, 135 Civilized societies 55, 75, 148, 169 Clark, Rodney 224 Bagehot, Walter 61 Classical economics 63 Bankruptcy 113, 121, 131 Clearing 100, 196, 204-6 Barber, Benjamin 55-9 Clinton, Bill 10, 25, 30, 46, 49, Barter 89 61-2, 81, 87, 130, 160, 208, 215 Bear 39, 117 Club of Rome 27 Bellah, Robert N. 220-1 Coolidge, Calvin 161 Bentham, Jeremy 16, 220 Commodity inflation 167 Blinder, Alan 220 Community 6, 10-12, 19-21, 23, Bretton Woods 175, 179, 181, 182, 24, 29, 30, 37-46, 48-58, 60, 187, 194, 201, 215 69-72, 76, 80, 83, 90, 92, 95-7, Bush, George 10, 29-30, 46-7, 81, 101, 104, 107-9, 116, 118, 122, 151, 160, 215 124-6, 128, 129, 138, 139, 144, 149, 150, 152, 156-8, 161, 163, California 94, 99, 101, 179, 196, 164, 168, 171, 173-6, 179, 197, 222, 223 185-7, 189, 193, 198-200, Camdessus, Michael 209 205-7, 210, 212-15, 218 Canada 3, 201, 206 Congress 5, 87-9, 121, 122, 159 Carter, Jimmy 10, 28-9, 56, 81, Congressional Budget Office 222 123-4,168, 17~215 Conservatives 1, 2, 5, 7, 8, 12-16, Cary, Frank 53 18, 20, 22, 23, 25, 26, 31, 32, Cash flow 112, 113, 146 35, 38, 39, 43, 44, 46, 48, 55, Central bank 81, 127, 140, 145, 64, 74, 84, 87, 89, 90, 95, 98, 149, 153, 154, 163, 192, 202, 108, 115, 117, 128, 132, 134, 204, 206, 215 135, 149, 152, 153, 157, 158, Cheney, Richard 84-5 163, 175, 184, 189, 190, 195, Chernobyl 14 198, 203, 206, 210, 211, 213, Civic values 1, 4-11, 15-18, 20-3, 214 25-7,30-4,36-8,40-4,49,50, Consumption 35, 69, 144, 168, 190 52-4, 56, 58-61, 69, 73, 77, 78, Contracts 38, 50, 97, 111-14, 127,

225 226 Index

Contracts - continued Financial Times 182, 208 129-31, 139-41, 144, 146-8, Fixed exchange rate 174, 175, 179, 164, 167, 169, 191 181, 182, 192-4, 196 Contractual settlement 139, 141, 144 Flexible exchange rate 175, 179, Conventional wisdom 2, 81, 87, 122, 192, 194, 201 160, 161 Forbes 89, 98, 222 Cornwall, John 18, 220 Ford, Gerald 10, 158, 215 Council of Economic Advisors 20 France 205 Current account balance 183, 189, Friedman, Milton 15, 39, 134, 158, 190 162, 220

Darwinism 10, 218 Galbraith, J. Kenneth 84 Dawes Plan 188 Gates, William 28 Dialect 17, 32, 41-9, 55, 84, 91, 99, GDP 64, 120-2, 152, 154-8, 172, 100, 102, 104, 105, 136-9, 193, 180-2, 186, 190, 216 194, 198, 203, 212, 215 Germany 33, 55, 57, 110, 187, 188 Dickens, Charles 174 Giannini, A. P. 58 Diminishing returns 40 Gilder, George 28, 87, 221-2 Dividends 88 Goal displacement 16, 17, 220 Donahue, John D. 127-8, 130, 223 Gold 50, 108, 179, 181, 182, 187, Dunlop, John 42, 221 190, 194, 205 Gold standard 179, 181, 182, 194, Eisenhower, Dwight 24, 133 205 Enforcement 18, 46, 47, 52, 89, Gramm-Rudman law 122 93-9, 148, 172, 222 Great Society 25 England 15, 153, 195 Greed 18, 210 Entitlements 3, 4, 48, 49, 153 Gross domestic product see GDP Entrepreneurs 3, 26, 29, 55, 76, 78, 80, 85, 105, 107, 109, 111, 112, Hard science 36, 65-7 115, 116, 119-21, 123, 129, 131, Havens, John 123-4, 223 142-4, 147, 148, 150, 153, 155, Hobbes, Thomas 9, 14, 16, 21-2, 162, 163, 167, 172, 173, 197, 31, 37, 43 216 Holmes, Sherlock 105 Ergodic 65-8, 114 Hong Kong 168 Ergodicity 66, 67 Hoover, Herbert 119-20 Etzioni, Amitai 4, 220 Hot money 202, 203 Excellence 6, 7, 20-4, 26, 27, 30, 34, 38, 41, 43, 53, 55, 57, 58, Iaccoca, Lee 28, 41-2, 221 61, 212-14, 216, 218, 220, 221 IMCU (International Money Clearing Exports 118, 144, 154, 181-7, 190, Unit) 204-6 197, 198, 205, 206 IMF (International Monetary Fund) 184, 208 Federal Reserve 2, 3, 25, 61, 62, Imported inflation 174, 175 109, 127, 134, 140, 145, 149, Incentives 1, 6, 7, 16, 23, 26, 29, 150, 158-61, 163, 177, 193, 31, 32, 36-40, 43, 44, 50-5, 58, 195, 196, 202, 205 60, 75, 76, 78, 85, 89, 92-6, Federal Reserve System 140, 195, 196 102-4, 116, 129, 130, 144, 152, Finance 120, 143, 144, 147-9, 157, 172, 173, 174, 177, 198, 151-3, 159, 162, 190, 196, 197, 199, 203, 206, 207, 213, 214-16, 201, 217, 222 221 Index 227

Income distribution 66, 68, 70, 78, Lasch, Christopher 35, 221 81, 82, 110, 124, 175, 177, Law of contracts 112, 144 212 Legal tender 136, 144, 145, 196 Incomes inflation 167, 169, 170, Lewis, Flora 182, 199, 223 175, 176 Liberals 1, 2, 5, 7, 8, 12, 25, 27, Incomes policy 159, 161, 170, 216 28, 160, 210 Inflation 1-5, 7, 10, 30-2, 61, 62, Liddy, G. Gordon 47 64, 68, 70, 78, 81, 83, 88, 90, Lincoln, Abraham 68 109, 126, 134-8, 149, 150, 152, liquid assets 119, 120, 141, 192, 153, 154, 156-62, 164-71, 201 173-7, 181, 206, 211, 212, 215, Liquidity 113, 114, 119, 120, 216, 223 140-3, 146, 148, 194, 196, 200, Interest rate 123 205, 207 Internal Revenue Service 86, 89, 211, 222 Marshall plan 185-7, 197, 199, 205, International Monetary Fund see 215 IMF McCraw, Thomas K. 103, 223 Inventories 147, 164, 165 Milosevic, Slobadan 55 Invisible hand 12, 66, 67, 71, 117, Modigliani, Franco 138 120, 149 Moe, Ronald C. 129, 223 Ireland 44 Monetarists 137, 138, 149, 150, 163 Italy 15, 57, 92 Monetary economy 119, 135 Money wages 169, 170 Japan 19, 57, 82, 110, 118, 168, Moore, Mark H. 93-4, 101, 222 183, 190, 193, 194, 198, 207 Morgan, Garrett A. 52 Japanese 17, 57, 179, 190, 193, 194, Motivation 1, 8, 11, 12, 22, 35-7, 201, 224 39, 40, 56, 60, 78 Jevons, William Stanley 220 Multiculturalism 17 Jobs, Steve 28 Multiplier 132 Johnson, Bennett 51 Johnson, Lyndon 81, 157-8, 178 NAFfA (North American Free Trade Agreement) 208 Kelman, Steven 42 NAIRU (Non-Accelerating Inflation Kennedy, John F. 26, 28, 68, 81, Rate of Unemployment) 24 129, 151-8, 174, 178 NASA (National Aeronautics and Kerr, Sarah 209, 221 Space Administration) 26, 90, Keynes, John Maynard 32, 66, 129, 169 79-81, 107, 110, 115-19, 121-2, New Deal 68, 69, 87, 121, 124, 166 124. 138, 148, 177, 188, 203, New York Times 19, 47, 49, 108, 220-3 159, 182, 199, 201, 220 Khrushchev, N. 81 Nixon, Richard M. 25, 158-9, King, Martin Luther 44 167-9. 175, 179, 215 Ku Klux Klan 55 Nobel Prize 63, 65, 134, 159 Kurtz, Jerome 93, 222 Novak, William 221

Laffer, Arthur 84-5, 212 Oil 20, 27, 164, 165, 167, 170, 174, Laissez-faire 7, 8, 43, 78, 81, 82, 176, 188, 191, 207, 216 108, 109, 115, 120, 125, 135, Old maid 206 197, 206, 212 Olson, Mancur 40, 93, 221-2 LaPierce, Wayne 46-7 Onate Laborde, Santiago 209 228 Index

OPEC (Organization of Petroleum Schelling, Thomas 54, 95, 221 Exporting Countries) 167, 177, Schwartz, Barry 50 188, 216 Scrooge, Ebenezar 174 Ordering axiom 36 Self-interest 1, 2, 4, 5, 7-13, 15-18, Orderly market 141, 147, 165 20-3,25,26, 28, 29, 30,32-5, Oregon 21, 222 37-9, 42, 43, 47-50, 54-6, 60, OSHA (Occupational Safety and 61, 64, 67, 70, 73, 75-8, 82, 84, Health Act) 45, 47 85, 106, 113, 127, 135, 138, 143, 144, 152-4, 156, 157, 164, Panglossian 149, 199 170-2, 174, 197, 199, 202, 207, Penniman, Clara 94, 100, 222-3 210-17 Pertschuck, Michael 16 Shakespeare, William 35 Peters, Thomas J. 6, 23, 34, 41, 53; Singapore 168, 190 61, 221 Slavery 169 Pharaoh 166 Smith, Adam 21, 117, 220 Planned recession 10, 158, 171, 211 Social Darwinism 10, 218 Polis 34, 40, 218 Social welfare net 3 Political economy 34, 35, 220, 221 Socialism 28, 78-80, 222 Poverty 4, 5, 11, 17, 18, 28, 30, 32, Solow, Robert M. 63-4, 221 68, 87, 124, 161, 184, 221, 222 Soros, George 202 Price controls 21. 158, 161, 176 Soviet Union 14, 186, 188 Probability 93, 115 Spain 32, 44, 57 Profits 2, 26, 59, 88, 116, 128, 146, Spot market 164, 165 154, 155, 168, 170, 171, 198, Spot price 164-9 201-3 Stagflation 162 Purchasing power 206 Stock market 68, 109 Stockman, David A. 26, 87, 221-2 Rand, Ann 15 Stokey, Edith 33, 221 Rational expectations 115 Store of value 141 Reagan, Ronald 10, 28-30, 61-2, Strategic petroleum reserve 165 69, 81, 84, 86-90, 122-5, 132, Strumpel, Burkhard 92 160-1, 168, 189, 310, 215 Supply 29, 32, 61, 62, 64, 84-9, Real bills 149, 152 117, 118, 125, 126, 134, 135-8, Reich, Robert 19, 60, 217, 221, 224 140, 145, 146, 149, 150, 152, Risk 16, 31, 33, 42, 50, 94, 111, 153, 157, 162, 164-7, 184, 196, 159 210, 212 Roman Empire 5 Supply-side economics 85-8 Roosevelt, Franklin D. 68, 87, Swidler, Anne 220 120-3, 125, 211 Rowan, Hobart 100, 223 Taiwan 168, 190 Taxes 5, 11, 26, 29, 43, 44, 48, 62, Safire, William 19, 222 84..:..95, 97, 99-103, 105, 110, Samuelson, Paul A. 65-7, 114, 221 122, 123, 134, 157, 159, 171, Savings 101, 104, 143, 144, 150, 172, 184, 211, 216, 217, 222 151, 155, 167, 185, 186, 190 Thatcher, Margaret 10, 81, 153 Say, Jean-Baptiste 117-20, 142, Thurow, Lester C. 27-8, 156, 169, 184, 190. 198, 206 220, 223 Say's Law 117-19, 132, 142, 190, Time 5, 10, 15, 19-21, 25, 28, 29, 206, 208-9 34, 40, 47, 52, 61, 63, 64, 65, Index 229

Time - continued Volker, Paul 159, 161 68, 76, 81, 94, 97, 98, 108, 111, Voodoo economics 29 112, 116, 121, 122, 135-8, 140-2, 146-8, 156, 160, 164, Wage 3, 37, 39, 47, 126, 135, 138, 165, 169-71, 175, 180, 182, 187, 152-4, 157-9, 161, 163, 167, 193, 194, 199, 202, 203, 205, 169-73, 176, 211 208, 211, 212-14, 218 Wage inflation 169 Tipton, Steven M. 220 Wages 88, 89, 114, 118, 126, Trigger mechanism 205, 206 138, 152, 154, 162, 169, 170, 172 Uncertainty 45, 125, 165, 194 Wall Street 19, 20, 108, 113, 200, Unemployment 1-4, 6, 7, 10, 11, 201 17. 18, 22, 23, 29, 30, 32, 48, Wall Street Journal 108 58, 61, 62, 66, 68-70, 78, 79, Wanniski, Jude 28, 87, 222 81-3, 107-11, 114, 119-23, 125, Washington Post 16, 100, 103, 223 126, 134, 135, 138, 141-4, 146, Waterman, Robert H. 6, 23, 34, 41, 149, 150, 152-61, 163, 171, 173, 53, 61, 221 177, 181, 184, 185, 194, 198, Watson, Thomas 53, 58 205, 210, 216, 223 Wealth 1, 11, 17, 22, 28, 29, 51, Unions 47, 156, 161, 172, 177 52, 60, 67, 78, 80, 87, 107, 108, United Kingdom 10, 81 164, 220-2 United States 6, 8-10, 16, 18, 28, Weintraub, Sidney 170, 172, 223 29, 34, 57, 68, 69, 71, 76, 80, Welfare 3, 4, 9, 17, 18, 25, 30, 32, 81, 84, 87, 92, 109, 122-4, 126, 45, 84, 135 128, 129, 134, 144, 145, 149, White House Conference on Inflation 155, 159, 165, 166, 168-70, 172, 158 173, 175, 176, 17~ 183, 185, Will, George 8, 16, 20, 220 186-90, 195, 196, 199-201, 211, Wilson, Woodrow 187 215, 216, 218 Winslow, Kellen 27 Working 3, 5, 16, 18, 23, 38, 44, value 3, 5, 23, 26, 32, 33, 36-9, 44, 48, 49, 53, 55, 66, 78, 117, 125, 48, 50, 56, 58, 68, 95, 117, 123, 131, 143,-172, 207, 223 128, 131, 137, 141, 150, 154, Working capital 143 155, 164, 170, 171, 179, 191-5, 199, 200, 203, 217 Zero-sum game 27-8, 54-5, 103, Versailles, Treaty of 187 125, 156, 168-9, 175 Vietnam 25, 56, 157, 187 Zuckhauser, Richard 33, 221