The History of the Inflation-Recession Proposal
The idea of studying inflation occurred to me in April of 1974. At that time, the inflation rate was soaring to over 10 percent and unemployment was also climbing sharply, a state of affairs that economists had long insisted could not happen. Conventional economic wisdom held that, when inflation was high, unemployment would be low and vice-versa. The anomaly of high unemployment and high inflation was shaking not only economics but also the political establishment as well.
KeywordsInflationary Pressure High Inflation Middle Class Family Depth Interview Biographical Sketch
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