American Wu Wei
“Coolidge made virtue of inaction” writes Amity Shlaes, on The ‘Scrooge’ Who Begat Plenty:
It is hard for modern students of economics to know what to make of a government that treated economic weakness by raising interest rates 300 basis points, cutting tax rates, and halving the federal government — so much at odds is that prescription with the antidotes to recession our own experts tend to recommend. It is harder still for modern economists to concede that that recipe, the policy recipe for the early 1920s advocated by Coolidge and Harding, yielded growth on a scale to which we can aspire today.
ADDED: Derbyshire’s take.