A good place to start is with the passage of the Employment Act of 1946, which stated that it is the “continuing policy and responsibility of the Federal Government . . . to promote maximum employment, production, and purchasing power.” 2 Some version of these goals has been in place ever since.
I will divide the history since World War II into three eras organized around some well-known “Greats.” The first era comprises the postwar years through the Great Inflation. The second era brought the Great Moderation but ended in the Great Recession. The third era is still under way, and time will tell what “Greats” may emerge.