ABSTRACT
Nineteen-seventy-six is a year of anniversaries, but few people are in a mood to celebrate. Official efforts to the contrary, the bicentennial festivities inevitably suggest the performance of last rites. Among economists, two hundred years after publication of The Wealth of Nations, cheerfulness about prospects for the free market must at best be muted. The same can be said of the Keynesian Revolution forty years after publication of The General Theory. And anyone who would raise three cheers for the Employment Act of 1946 can do so only while ruing its annulment.
