style="overflow: hidden; color: #000000; background-color: #ffffff; text-align: left; text-decoration: none; border: medium none;">As the old joke about economics examinations has it, the questions do not change – only the answers do. Students in the late 1960s and early 1970s got top marks by grasping that it was a sacred calling of their discipline to guide the economy in ways that avoided the huge costs associated with recessions and high unemployment. This was best done through the aggressive application of strong policies, especially government deficits, to assure adequate demand.