stagflation
(en)
(stagnation + inflation) when inflation is high, the economic growth rate slows, and unemployment remains steadily high
the economy of the mid-1970s seemed to trade in inflation with unemployment in a phenomenon called "stagflation", where wages/prices (inflation)and unemployment rose together
in an apparent contradiction of the Phillips curve, which many by this point took as the sine qua non of Keynesianism
notable
7 years ago