When Keynesian economists were unable to predict, or even explain, the stagflation of the 1970s, they lost their place of privilege in U.S. economic policy. When supply siders were able to predict, explain and even (under President Reagan and Fed Chairman Paul Volcker) solve the problem, they cemented their role as the Keynesians' replacements. It became impossible for anyone who takes the data seriously to argue that economic growth was the cause of inflation, or that recessions could be cured by printing money.

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