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The Growth Experiment Revisited by Lawrence Lindsey

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[1]

The Revolution of ′81

“To tax and to please, no more than to love and be wise, is not given to men.”

—EDMUND BURKE, 1774

IN 1980 THE NATION WAS IN THE GRIPS OF THE GREATEST economic crisis it had faced since the Great Depression. The United States had endured a decade of chronic economic disappointment accompanied by a series of acute political shocks, from the defeat in Vietnam to the OPEC oil crises. Not since the Depression had the American economy seemed so fundamentally flawed, or had so many Americans questioned our ability to control our own economic destiny. It was not uncommon to hear economists and political leaders arguing that we were doomed to declining standards of living, that we had entered an Era of Limits, that the new economic ...

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