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“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”

The four-point plan resulted in the most successful economic experiment in world history — setting a new record for the longest peacetime expansion ever.

After just three years in office, Reagan’s common-sense solutions reduced inflation from almost 13 percent when he took office to 3.2 percent in 1983. Over his two terms in office, Reagan’s policies added more than 17 million new jobs, reducing unemployment by more than half, from 10.8 percent in 1982 to 5.3 percent in 1989. The bottom 20 percent of income earners also benefited. Their average household income grew by 12.2 percent from 1983 to 1989. The poverty rate, which had been increasing under President Carter, declined every year under Reagan while the standard of living for all Americans rose by almost 20 percent.

Reagan’s opponents who had argued that tax cuts would increase interest rates were proved wrong. The prime rate was cut by two-thirds, down to 8.2 percent in 1987 and then to 6.25 percent by 1992. The stock market more than tripled in value from 1980 to 1990 — the largest decade-long increase in history.

Can we do this again? Absolutely, if we ourselves resolve to follow Mr. Reagan’s principles. The alternative is an unthinkable acceleration down “The Road to Serfdom,” a socialistic morass described very well in that book, by one of Mr. Reagan’s favorite economists, F.A. Hayek.

“The Reagan Resolve” is a reminder of America’s animating principles and a road map to steer us off that other road on which we’ve been speeding recklessly.

Edwin Meese III was attorney general of the United States and is a founding member of the policy board of the Carleson Center for Public Policy.