One of my most vivid memories from 1974 was the gas station at the foot of the hill below my Southern California high school - car lines snaking out into the street, heralding the failure of the government's price controls and lame ideas such as odd-even rationing.

Modern Americans - shaped by raucous politics and a rapacious media - like to think of themselves as experts in confronting mistakes.

We know that inflation distorts economic behavior. In the 1970s, a combination of high tax rates and inflation prompted investors to flee production in favor of protection.

Nina Easton Quotes