Ar- thur Okun, in The Brooking5 Bulletin (Fall But Not Growth 1977), 1775 Massachusetts Ave. N.w.,
Washington, D.C. 20036.
Since the early 1970s the United States has suffered from high unem- ployment and high inflation, a situation new to both American history and economic theory. Successive administrations have responded with traditional monetary and fiscal measures. The failure of these remedies should surprise no one, argues Okun, a Brookings Senior Fellow. "Stagflation"-inflation...