stagflation

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stagflation,

in economics, a word coined in the 1970s to describe a combination of a stagnant economy and severe inflationinflation,
in economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices. The U.S.
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. Previously, these two conditions had not existed at the same time because lowered demand, brought about by a recession (see depressiondepression,
in economics, period of economic crisis in commerce, finance, and industry, characterized by falling prices, restriction of credit, low output and investment, numerous bankruptcies, and a high level of unemployment.
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), usually produced lower, or at least stable, prices. Large U.S. government deficits and sharp rises in the costs of energy have been cited as the chief causes of stagflation in the 1970s.

stagflation

(ECONOMICS) a type of INFLATION in which wages and prices rise despite relatively low rates of economic growth and relatively high levels of unemployment. This phenomenon is explained in part by the existence of labour solidarity and effective trade-union action.

stagflation

Economics a situation in which inflation is combined with stagnant or falling output and employment