Toward a “New” Economics

“Toward a 'New' Economics,” Wall Street Journal, May 9, 1977.


It is hard to overestimate the importance of the fact that, for the first time in half a century, it is the economic philosophy of conservatives that is showing signs of intellectual vigor, while the economic philosophy of liberalism keeps tying itself into ever more elaborate knots. As some sage once observed: You can’t beat a horse with no horse. Conservatives, who believe in limited government and a strong private sector, may be in the process of acquiring a horse.