Section 1. No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once. But this article shall not apply to any person holding the office of President when this article was proposed by the Congress, and shall not prevent any person who may be holding the office of President, or acting as President, during the term within which this article becomes operative from holding the office of President or acting as President during the remainder of such term.
Section 2. This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by the legislatures of three-fourths of the several States within seven years from the date of its submission to the States by the Congress.
At about 3:45 in the above video, there's a paean to the adequate, forgettable, occasionally regrettable caretaker presidents of the USA.
I won't bother listing the usurpations the unforgettable presidents have wrought for considerations of space, but recall the apocryphal Chinese curse: may you live in interesting times. Lemma to the Curse (A): may you be subject to an interesting chief executive. The 22nd is at least a nod at cooling the ambition of an over-interesting Commander-in-Chief.
Look ye upon the price controls and rationing of the 30s and 40s for a hint whether a zealous presidency curtails the scope of euvoluntary exchange, and you should have an idea about whether this amendment helps steer the course of things towards a sturdier raft of EE.
Ceteris paribus, naturally.