Toward an Age of Humility.

The article examines the impact of stagflation on the economic conditions of developed countries during the 1970's, contrasting such conditions with those of the previous decade and using the contrast to illustrate the provisional nature of economic policy. The causes of stagflation are analyzed, the importance of free markets in economic growth are noted and the benefits and drawbacks of government intervention in the economy are discussed. Factors affecting the ability of democratic governments to enforce their economic policies are enumerated and the philosophical aspects of some central economic principles are addressed.