I tried very hard to hold down the speculative fervor. I advocated and pursued a policy of economic stabilization, reduced the increase of money supply, and tried to hold down the increase in the wage rate and so on, which was I think generally good even from the hindsight point of view. You mentioned theory and practice. That's something that academics often worry about, and many times when academics go to public life it doesn't work. So the difference is feedback and responding to the feedback.
Theory is an abstraction from reality.
Reality is something a little different from theory so these two have to be really blended together, and you have to have the sense of priority to choose particular policies among so many alternatives. Most academicians are not too good. Schumpeter, for instance, was a great economist, but he didn't do too well as minister of finance for Austria. I'm talking now about the remarkable things that were done with economy there. They just exploited the advantageous international atmosphere and made use of the surplus labor that they had.