Looking Again At the 1970s
John E. Schwrx iind Thomas J. Voln, in At the 1970s Harvaix/ ~insinvssRet'ivul (~ct.1985), I-lac-
~ird Univ. Graduate School of Business Ad-
ministrtition, Boston, Mass. 02163.
According to the conventional wisdom, America's economy slumped dur- ingtthe 1970s: Falling prey to high rates of interest, unemployment, and inflation, American industries stagnated.
Not quite, say Scliwarz and Volay, political scientists at the University of Arizona. They argue that America's troubles were "misdiagnosed,"...