stagflation

Second, and more importantly: Stagflation is characterized by inflation, which means that nominal GDP grows even while real GDP is stagnating.

Krugman has a lot of respect for Friedman's contributions to understanding stagflation and the development of monetarism.

By predicting the phenomenon of stagflation in advance, Friedman and Phelps achieved one of the great triumphs of postwar economics.

If everyone did this, it would choke the financial markets and drive the world into stagflation.

Keynes and other left-ish economic thinkers were wrong in the 70s-- their policies just created stagflation.

However, in the 1970's stagflation, there really was a more supply and demand driven component to inflation with extra pressure from wage growth.

Economists also thought stagflation was impossible before the USA in the late 70s.

In Japan prices fell drastically from the boom due to large scale debt restructuring which has also led to a decade of stagflation.

I think this is at least as bad as the stagflation of the 70s, though obviously a far different phenomenon.

It's called stagflation [0] which occurred in late 70s in the US.

As I understand it, Stagflation happens when increased demand is less able to stimulate increased supply than one might expect.

A large component of 70's stagflation was just supply shocks for oil.

So for me it was Jimmy Carter, Regan, "Stagflation" and the post Vietnam War mess.

This resulted in "stagflation," something classical Keynesians thought impossible, and thus resulted in a widespread discrediting of classical Keynesian and economic liberal thought.

It's after that date that many of the "modern" crises of economics have been felt: stagflation, offshoring, wage stagnation, etc.

He served over the worst of the economic "malaise" that would be later characterized as "stagflation".

For a deeper look at this I recommend reading the book by Mancur Olson - The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities.