"The economic story in the late '70s is a big story, if not the big story," says George Taber, who, as TIME'S Washington-based economics correspondent since 1977, may be somewhat partial to the subject. Even before he began work on this week's big story about the "Topsy-Turvy Economy," Taber was hearing frequent complaints that there was no "new Keynes" to explain or solve inflation, declining productivity and the other persistent problems of the decade. "At the same time," he says, "there has been excited talk about a group of fresh, unorthodox economists who are gaining attention and influence on Capitol Hill."

For this week's cover story, Taber spoke with Harvard's Martin Feldstein and other members of this new group of "incentive economists" and with such top economic policymakers as Treasury Secretary G. William Miller and Presidential Adviser Charles Schultze. Says Taber: "I was surprised to find that officials who often begrudge 15 minutes to discuss current policy would happily sit back for an hour and theorize about what has gone wrong with the economy and why." Until recently, Taber notes, the average American had little familiarity with that topic. Says he:

"They could tell you exactly what Ted Williams batted in 1946 but didn't know the figure for last month's inflation."

Associate Editor Chris Byron, who wrote the story, finds such economic illiteracy to be on the wane. "Unlike Europeans," he says, "who avidly discuss the economy, Americans have long supposed that it would take care of itself. Only now now are we beginning to change our view."

If TIME'S staff is indicative, this change begins at home. Byron says that his family has been boycotting meat since January, "entirely because of the cost."

Taber's family has begun buying nonperishable goods in quantity when the price is right. "This can draw bizarre looks at the checkout counter and cause problems when you are moving," warns Taber, who is in the process of transferring to the New York City area to become an associate editor in TIME'S Economy & Business section. "The movers seemed bewildered by the cases of paper towels, dishwashing liquid and toothpaste my wife Jean had squirreled away in the cellar." Confides Taber: "She manages the family finances. As an economics correspondent, I never touch anything less than a billion dollars."

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