1.7. When talking about the economy, people often make a distinction between policies that work

"only in theory" compared to those that work

"in practice." In theory, a fall in money growth slows down the economy in the short run. In the six episodes since World War II when, as we discussed, the Fed deliberately put the brakes on money growth, did this theory work "in practice" every single time, most of the time but not all of the time, or did this theory fail most ofthe time?