By the early 1960s, the then dominant conventional wisdom in American economics held that we possessed the tools to virtually eliminate cyclical unemployment. Within a decade, that idea was in tatters. How do you account for this reversal in American economic thought and policymaking? Contrast this with current circumstances.

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The Answer of By the early 1960s, the then dominant conventional wisdom in American economics held that we possessed the tools to virtually eliminate cyclical unemployment. Within a decade, that idea was in tatters. How do you account for this reversal in American economic thought and policymaking? Contrast this with current circumstances.

By the Early 1960s, the Then Dominant Conventional Wisdom in American