In 1968, Herbert Stein, who would later serve on President Nixon's Council of Economic Advisers, wrote: Some

Question:

In 1968, Herbert Stein, who would later serve on President Nixon's Council of Economic Advisers, wrote: "Some who would opt for avoiding inflation would say that in the long run such a policy would cost little, if any, additional unemployment." Was Stein correct? Did most economists in 1968 agree with him? Briefly explain.