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The result was stagflation ; tighter monetary policy that did not reduce inflation, but it did lead to a small recession that increased unemployment.
Today's strong productivity helps protect the economy from the ravages of stagflation because it allows companies to make more with less.
It was my disillusionment with the lack of economic opportunities associated with stagflation that politicized me.
Declining business performances and soaring consumer prices indicate that the nation could suffer stagflation with low economic growth and high inflation this year.
In the late 1960s the postwar boom unraveled, giving way to a series of economic gyrations - inflation, slump, then stagflation and slump again.
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