permanent inflation, initiated by a "liberal" Administration under President Johnson, was continued under three "conservative … Reagan was elected on his promise to cope with inflation and the increasing burden of government. We may reasonably believe … actually died, after some successes, already last year. There occurred one outstanding success. The reduction of inflation from …

the past ten years to generate a pattern of world wide inflation. The experiences made since our first meeting in … peace inflation observed in the U.S.A., followed by a substantial downswing in economic activity in 1974/75. …

inflation. The Committee's concern was motivated by the repeated failures of our policymaking in 1967,1970 and again in 1972 … unleashed a new wave of inflation. From an inflation level below 4% p.a. in the spring of 1972 price movements accelerated to a … repeated for the fourth time in 1976/77. Inflation had been lowered to 4.5% p.a. in the second half of 1976 as a result of the …

future welfare (real income per capita) but offered otherwise no relevant specific action designed to lower inflation or to … concerning the nature of the inflation problem. The program submitted to the public's attention offered in particular no useful … major component in a program addressed to lower the rate of inflation. …