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.

Investigates procurement and other property management activities of the Federal government, especially the Defense Dept.

In an era of promises to create smaller, more limited government, Americans often forget that the federal government has amassed an extraordinary record of successes over the past half century. Despite seemingly insurmountable odds, it helped rebuild Europe after World War II, conquered polio and other life-threatening diseases, faced down communism, attacked racial discrimination, reduced poverty among the elderly, and put men on the moon. In Government's Greatest Achievements, Paul C. Light explores the federal government's most successful accomplishments over the previous five decades and anticipates the most significant challenges of the next half century. While some successes have come through major legislation such as the 1965 Medicare Act, or large-scale efforts like the Apollo space program, most have been achieved through collections of smaller, often unheralded statutes. Drawing on survey responses from 230 historians and 220 political scientists at colleges and universities nationwide, Light ranks and summarizes the fifty greatest government achievements from 1944 to 1999. The achievements were ranked based on difficulty, importance, and degree of success. Through a series of twenty vignettes, he paints a vivid picture of the most intense government efforts to improve the quality of life both at home and abroad—from enhancing health care and workplace safety, to expanding home ownership, to improving education, to protecting endangered species, to strengthening the national defense. The book also examines how Americans perceive government's greatest achievements, and reveals what they consider to be its most significant failures. America is now calling on the government to resolve another complex, difficult problem: the defeat of terrorism. Light concludes by discussing this enormous task, as well as government's other greatest priorities for the next fifty years.