The story begins in 1961 because that´s when economics came of age and economists an indispensable input into the formulation of executive policy decisions. According to Arthur Okun (1970), an active participant, first as staff member and later Chairman of the Council of Economic Advisers (CEA), in the economic decisions throughout the decade:
“The strategy of economic policy was reformulated in the sixties. The revised strategy emphasized, as standard for judging economic performance, whether the economy was living up to its potential rather than merely whether it was advancing…the focus on the gap between potential and actual output provided a new scale for the evaluation of economic performance, replacing the dichotomized business cycle standard which viewed expansion as satisfactory and recession as unsatisfactory. This new scale of evaluation, in turn, led to greater activism in economic policy: As long as the economy was not realizing its potential…
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Utopia, you are standing in it! 
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