World War 1 ended, and the Soldiers came home. The USA entered a deep Depression.
From what I have read, Harding got sick (?) and did not do much outside of reducing taxes and slashing spending.
The Economy turned around and rebounded by 1921. War Debts were paid off.
Different times demand different plans, but the Harding framework could work under a new POTUS
No question.
Governments had the Spanish Flu Epidemic to contend with that killed tens of millions of mainly young adults. That is Mother Nature's Anti Economic Growth Policy.
http://history1900s.about.com/od/1910s/p/spanishflu.htm
http://news.nationalgeographic.com/news/2014/04/140428-1918-flu-avian-swine-science-health-science/