Our guests have the weight of authority, though not so great a gift as many of

Firing Line's economist guests of bringing a lay audience along with them, as they discuss the different ways of calculating the money supply and the effects that different policies are likely to have. Mr. Stein: "The source of our difficulty, the thing that got us from a 1 1/2 per cent inflation rate in the early 1960s to 14 per cent in 1980, was not the looseness in the system. The source of this difficulty was that we constantly tried to pump the economy to higher and higher levels of output by more and more monetary expansion, and we would not have done that if we had stuck with any kind of monetary rule, whether it was Ml or M2 or M3."