In 1966 two columnists joined Newsweek magazine. Their assignment:
debate the world of business and economics. Paul Samuelson was a
towering figure in Keynesian economics, which supported the
management of the economy along lines prescribed by John Maynard
Keynes's General Theory. Milton Friedman, little known at that time
outside conservative academic circles, championed "monetarism" and
insisted the Federal Reserve maintain tight control over the amount
of money circulating in the economy. In the nimble hands of author
and journalist Nicholas Wapshott, Samuelson and Friedman's
decades-long argument becomes a window through which to view one of
the longest periods of economic turmoil in the United States. As
the soaring economy of the 1950s gave way to decades stalked by
declining prosperity and "stagflation", it was a time when the
theory and practice of economics became the preoccupation of
politicians and the focus of national debate. It is an argument
that continues today.
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