Nothing Is So Admirable In Politics As

Economists Are Generally Negligent Of Their Heroes.

Mr. David Stockman Has Said That Supply-side Economics Was Merely A Cover For The Trickle-down Approach To Economic Policy — What An Older And Less Elegant Generation Called The Horse-and-sparrow Theory: If You Feed The Horse Enough Oats, Some Will Pass Through To The Road For The Sparrows.

Let’s Begin With Capitalism, A Word That Has Gone Largely Out Of Fashion. The Approved Reference Now Is To The Market System. This Shift Minimizes - Indeed, Deletes - The Role Of Wealth In The Economic And Social System. And It Sheds The Adverse Connotation Going Back To Marx. Instead Of The Owners Of Capital Or Their Attendants In Control, We Have The Admirably Impersonal Role Of Market Forces. It Would Be Hard To Think Of A Change In Terminology More In The Interest Of Those To Whom Money Accords Power. They Have Now A Functional Anonymity.

The Inborn Instability Of Capitalism Has Been Part Of The History Of The System For Several Hundred Years, Including Recurrent Speculative Episodes. There Should Be No Doubt In Anyone's Mind That We're Now Having Another One Of Those Speculative Episodes.

Washington Is A Place Where Men Praise Courage And Act On Elaborate Personal Cost-benefit Calculations.