from doing mischief, and not a way to produce nirvana. the idea of monetarism is that there's a stable relationship between money and the gross national product. well, we've seen that that's not the case. furthermore, if you were to be very precise in your targeting and just stayed on that target path day-to-day, interest rates would fluctuate enormously, and that wouldn't be good for the economy. so we took a pretty monetarist approach in october of 1979 because it called for extreme measures. but as you've seen, since then, that position has been ameliorated. now, does that mean that money doesn't count? of course not -- money is very important. but i think this strict monetarist approach is not workable over a long period of time, but it was necessary when we did it. focusing on the money supply appears to have worked, but the cost was high.