THE 1960’s are behind us. What have we learned? And what should we forget? Regretfully, there still is little study of the history of economic policy. Historians record the minutiae of foreign affairs and domestic politics, but the successes and failures of economic policy, which affect the lives of the people more directly than the struggles of personalities for power, are still not the subject of serious study. The books by Arthur Schlesinger and Eric Goldman on the Kennedy and Johnson administrations give short shrift to economic management.