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Stagflation

Stagflation is a concept in economics that emerged in the 1970s. Stagflation means that there is both high unemployment and high inflation.

When it is stagflation it is a recession. Before the 1970s it was thought that high inflation and high unemployment never could occur simultaneously, it was assumed to be separate phenomenon. Stagflation gave rise to people questioning the Keynesian fiscal policy.
Updated
4/25/2013
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stagflation, macro theory, economics