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Re: FYI

>The following may be of interest:
>
>. Instead
>of answering that they had a bad theory and lacked political will, as he
>does, it would be more reasonable to argue that a broad constellation of
>political forces opposed such policies.

Looks interesting.

I'm not sure I would disagree. "Lacked political will" seems to me to be
very close to having "a broad constellation of political forces opposed
[to] such policies." Volcker acquired a political mandate to fight
inflation first (although few realized what the cost would be). Burns did
not believe he had such a mandate...

Brad DeLong
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