When we decided to write a text on macroeconomics in 1977, we had in mind bringing the important lessons of the 1970s into mainstream teaching. Inflation was as much an issue then as deep recessions, but it was not integrated into the basic texts. There was a need for a textbook that could usefully guide students and teachers over the full range of business-cycle problems, whether the issue was how to stop inflation in an overheating economy or how to meet the challenge of creating employment in a depressed economy. At the time, the inflation problem was new to textbooks, and many of the standard answers to recession economics needed upgrading...

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