From the bright hopes of the Kennedy years came the ""new economists"" -- Keynesians disrupting the cobwebs of complacency and static economic indicator gazing. In these three essays, Tobin, a member of the Council of Economic Advisers under Kennedy, recalls the exhilaration and the advent of unforeseen problems. As the country struggled out of the 1957-58 recession, the new economics pushed to orchestrate ""macro-economic"" determinants -- both budgetary and monetary -- to create maximum growth and employment and smoother business cycles. Tobin defends the record -- he discusses the political clashes that prevented the 1963 tax cut, and he insists that it was the Indochina War that collapsed the prosperity -- but essentially he finds himself at a loss for new nostrums. Tobin wonders whether inflation ""might not be greatly exaggerated as a social evil"" -- but that was written back in 1972.