Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

The massive inflation and oil crisis of the 1970s damaged Jimmy Carter's presidency. In Jimmy Carter's Economy, Carl Biven traces how the Carter administration developed and implemented economic policy amid multiple crises and explores how a combination of factors beyond the administration's control came to dictate a new paradigm of Democratic Party politics. Jimmy Carter inherited a deeply troubled economy. Inflation had been on the rise since the Johnson years, and the oil crisis Carter faced was the second oil price shock of the decade. In addition, a decline in worker productivity and a rise in competition from Germany and Japan compounded the nation's economic problems. The resulting anti-inflation policy that was forced on Carter included controlling public spending, limiting the expansion of the welfare state, and postponing popular tax cuts. Moreover, according to Biven, Carter argued that the ambitious policies of the Great Society were no longer possible in an age of limits and that the Democratic Party must by economic necessity become more centrist.

DIVIlluminates recent national economic policy and warns against the single-minded commitment to balance the federal budget. The paperback edition features a new preface and afterword /div

A compendium of the most ridiculous examples of Congress's pork-barrel spending.