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stagflation |
Also found in: Dictionary/thesaurus, Financial, Wikipedia, Hutchinson | 0.02 sec. |
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stagflation, in economics, a word coined in the 1970s to describe a combination of a stagnant economy and severe inflation inflation, 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. ..... Click the link for more information. . Previously, these two conditions had not existed at the same time because lowered demand, brought about by a recession (see depression depression, 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. ..... Click the link for more information. ), 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 situation in which inflation is combined with stagnant or falling output and employment How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Friedman's theories explained why this might sometimes appear to be so but also why in the long term it was not so--and how belief in the Phillips Curve helped cause the stagflation of the 1970s, which perplexed Keynesian economic managers by combining inflation with a lack of economic growth. spree is forecast to end in 2007, causing stagflation, followed by a hard landing. The stagflation of the 1970s, captured in Ronald Reagan's "misery index", may be in the cards even without an Iranian war; it is a virtual certainty with it. |
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