Stagflation - Knowledge

1792:

economist Frank Shostak says: "The increase in the money supply rate of growth coupled with the slowdown in the rate of growth of goods produced is what the increase in the rate of price inflation is all about. (Note that a price is the amount of money paid for a unit of a good.) What we have here is a faster increase in price inflation and a decline in the rate of growth in the production of goods. But this is exactly what stagflation is all about, i.e., an increase in price inflation and a fall in real economic growth. Popular opinion is that stagflation is totally made up. It seems therefore that the phenomenon of stagflation is the normal outcome of loose monetary policy. This is in agreement with . Contrary to PF, however, we maintain that stagflation is not caused by the fact that in the short run people are fooled by the central bank. Stagflation is the natural result of monetary pumping which weakens the pace of economic growth and at the same time raises the rate of increase of the prices of goods and services."

1345:

decade. Between 1968 and 1970 unemployment rose from 3.6% to 4.9% while the CPI inflation rose from 4.7% to 5.6%. Further in the Michigan survey expected inflation rose from 3.8% to 4.9% between 1967 and 1970. The rise in expected inflation strongly supports the view that Expected Augmented Phillips Curve (EAPC) can explain the early, mild stagflation. Although the weakening economy was putting some downward pressure on inflation overall inflation rose in accordance with EAPC, as expected inflation kept rising. The stagflation became more severe in the early 1970s but was suppressed by the price controls and wage freeze imposed by President Nixon starting in August 1971 and through 1972. But when the controls were lifted in mid-1973 the CPI surged to 8.5%. Arguably, if there were no wage-price controls, the mini stagflation documented above would have been clearly evident before the October 1973 OPEC oil price hike.

1470:

and/or cannot be increased fast enough in response to rising or continuing demand. The resource shortage may be a real physical shortage, or a relative scarcity due to factors such as taxes or bad monetary policy influencing the "cost" or availability of raw materials. This is consistent with the cost-push inflation factors in neo-Keynesian theory (above). The way this plays out is that after supply shock occurs, the economy first tries to maintain momentum. That is, consumers and businesses begin paying higher prices to maintain their level of demand. The central bank may exacerbate this by increasing the money supply, by lowering interest rates for example, in an effort to combat a recession. The increased money supply props up the demand for goods and services, though demand would normally drop during a recession.

42: 1401:. Both argued that when workers and firms begin to expect more inflation, the Phillips curve shifts up (meaning that more inflation occurs at any given level of unemployment). In particular, they suggested that if inflation lasted for several years, workers and firms would start to take it into account during wage negotiations, causing workers' wages and firms' costs to rise more quickly, thus further increasing inflation. While this idea was a severe criticism of early Keynesian theories, it was gradually accepted by most Keynesians, and has been incorporated into 1016: 1805:

that would experience economic ups and downs at different times, providing overall national stability and avoiding widespread stagflation. According to Jacobs, import-replacing cities are those with developed economies that balance their own production with domestic imports—so they can respond with flexibility as economic supply and demand cycles change. While lauding her originality, clarity, and consistency, urban planning scholars have criticised Jacobs for not comparing her own ideas to those of major theorists (e.g.,

1386:). The idea was that high demand for goods drives up prices, and also encourages firms to hire more; and likewise, high employment raises demand. However, in the 1970s and 1980s, when stagflation occurred, it became obvious that the relationship between inflation and employment levels was not necessarily stable: that is, the Phillips relationship could shift. Macroeconomists became more sceptical of Keynesian theories, and Keynesians themselves reconsidered their ideas in search of an explanation for stagflation. 1200: 1730:, which says firms seek to beat the average profit and capitalisation rather than maximise. According to this theory, periods of mergers and acquisitions oscillate with periods of stagflation. When mergers and acquisitions are no longer politically feasible (governments clamp down with anti-monopoly rules), stagflation is used as an alternative to have higher relative profit than the competition. With increasing mergers and acquisitions, the power to implement stagflation increases. 967: 1243: 1030: 1666:

which, as experience soon teaches him, he cannot use to purchase what he requires at a price comparable to that which he has received for his own products, he will keep his produce for himself, dispose of it to his friends and neighbours as a favour, or relax his efforts in producing it. A system of compelling the exchange of commodities at what is not their real relative value not only relaxes production, but leads finally to the waste and inefficiency of barter.

1734:

one appears to profit, differentially dominant firms improve their positions with higher relative profits and higher relative capitalisation. Stagflation is not due to any actual supply shock, but because of the societal crisis that hints at a supply crisis. It is mostly a 20th and 21st century phenomenon that has been mainly used by the "weapondollar-petrodollar coalition" creating or using Middle East crises for the benefit of pecuniary interests.

1143: 801: 1192: 1853: 813: 975: 1648:

they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

1832:". After U.S. prime interest rates had soared into the double-digits, inflation did come down; these interest rates were the highest long-term prime interest rates that had ever existed in modern capital markets. Volcker is often credited with having stopped at least the inflationary side of stagflation, although the American economy dipped into a 1689:. In other words, while neoclassical and neo-Keynesian models are often seen as competing points of view, they can also be seen as two descriptions appropriate for different time horizons. Many mainstream textbooks today treat the neo-Keynesian model as a more appropriate description of the economy in the short run, when prices are " 1349:

decline. Further, the weakening of the dollar, while exogeneous to oil prices, was itself a delayed response to rising inflation from 1968 onwards. This pattern of an overheated economy, leading to inflation, dollar depreciation, and then to higher oil prices and another bout of stagflation repeated itself in 1979.

1435:. While monetary and fiscal policy can be used to stabilise the economy in the face of aggregate demand fluctuations, they are not very useful in confronting aggregate supply fluctuations. In particular, an adverse shock to aggregate supply, such as an increase in oil prices, can give rise to stagflation. 1836:

with the unemployment rate peaking at 10.4% in February 1983. Economic recovery began in 1983. Both fiscal stimulus and money supply growth were policy at this time. A five- to six-year jump in unemployment during the Volcker disinflation suggests Volcker may have trusted unemployment to self-correct

1791:

is not wealth creation; it merely allows early money recipients to outbid late recipients for resources, goods, and services. Since the actual producers of wealth are typically late recipients, increases in the money supply weakens wealth formation and undermines the rate of economic growth. Austrian

1733:

Stagflation appears as a societal crisis, such as during the period of the oil crisis in the 70s and in 2007 to 2010. Inflation in stagflation, however, does not affect all firms equally. Dominant firms are able to increase their own prices at a faster rate than competitors. While in the aggregate no

1804:

proposed the failure of major macroeconomic theories to explain stagflation was due to their focus on the nation as the salient unit of economic analysis, rather than the city. She proposed that the key to avoiding stagflation was for a nation to focus on the development of "import-replacing cities"

1684:

While most economists believe that changes in money supply can have some real effects in the short run, neoclassical and neo-Keynesian economists tend to agree that there are no long-run effects from changing the money supply. Therefore, even economists who consider themselves neo-Keynesians usually

1363:

Increased requirements on skill (education and experience) on work force, for example because of increased technical complexity, can cause shortage on skilled employees and rising salaries for them, at the same time as uneducated work tasks have in part moved to low salary countries such as in Asia,

1063:

Second, the government can cause stagflation if it creates policies that harm industry while growing the money supply too quickly. These two things would probably have to occur simultaneously because policies that slow economic growth do not usually cause inflation, and policies that cause inflation

1674:

In Germany the total expenditure of the Empire, the Federal States, and the Communes in 1919–20 is estimated at 25 milliards of marks, of which not above 10 milliards are covered by previously existing taxation. This is without allowing anything for the payment of the indemnity. In Russia, Poland,

1647:

Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but

1665:

The presumption of a spurious value for the currency, by the force of law expressed in the regulation of prices, contains in itself, however, the seeds of final economic decay, and soon dries up the sources of ultimate supply. If a man is compelled to exchange the fruits of his labours for paper

1604:

Since the neoclassical viewpoint says that real phenomena like unemployment are essentially unrelated to nominal phenomena like inflation, a neoclassical economist would offer two separate explanations for "stagnation" and "inflation". Neoclassical explanations of stagnation (low growth and high

1469:

In the resource scarcity scenario (Zinam 1982), stagflation results when economic growth is inhibited by a restricted supply of raw materials. That is, when the actual or relative supply of basic materials (fossil fuels (energy), minerals, agricultural land in production, timber, etc.) decreases

1348:

As for the direct impact of dollar depreciation on inflation, data again imply that just as higher inflation shifted up the labor supply curve and made workers demand and get higher money wages, similarly a falling dollar made commodity producers demand higher prices to compensate for the dollar

1742:

Demand-pull stagflation theory explores the idea that stagflation can result exclusively from monetary shocks without any concurrent supply shocks or negative shifts in economic output potential. Demand-pull theory describes a scenario where stagflation can occur following a period of monetary

1473:

In the Keynesian model, higher prices prompt increases in the supply of goods and services. However, during a supply shock (i.e., scarcity, "bottleneck" in resources, etc.), supplies do not respond as they normally would to these price pressures. So, inflation jumps and output drops, producing

989:

Instead, they attempted to use non-monetary policies and devices to respond to the economic crisis. Policy makers also made "inaccurate estimates of the degree of excess demand in the economy, contributed significantly to the outbreak of inflation in the United Kingdom in the 1960s and 1970s."

988:

was first coined during a period of inflation and unemployment in the United Kingdom. The United Kingdom experienced an outbreak of inflation in the 1960s and 1970s. As inflation rose then, British policy makers failed to recognise the primary role of monetary policy in controlling inflation.

1696:

Therefore, while mainstream economists today might often attribute short periods of stagflation (not more than a few years) to adverse changes in supply, they would not accept this as an explanation of very prolonged stagflation. More prolonged stagflation would be explained as the effect of

1344:

A wide range of diverse evidence has been compiled supporting the second explanation against the supply shock view that the 1970s stagflation was due to OPEC's quadrupling of oil prices in October 1973. Data show that its seeds were sown during the late sixties and began to be reaped in that

992:

Stagflation was not limited to the United Kingdom, however. Economists have shown that stagflation was prevalent among seven major market economies from 1973 to 1982. After inflation rates began to fall in 1982, economists' focus shifted from the causes of stagflation to the "determinants of

2331: 1632:

Thus the main explanation for stagflation under a classical view of the economy is simply policy errors that affect both inflation and the labour market. Ironically, a very clear argument in favour of the classical explanation of stagflation was provided by Keynes himself. In 1919,

1675:

Hungary, or Austria such a thing as a budget cannot be seriously considered to exist at all. Thus the menace of inflationism described above is not merely a product of the war, of which peace begins the cure. It is a continuing phenomenon of which the end is not yet in sight.

1448:

Supply theories are based on the neo-Keynesian cost-push model and attribute stagflation to significant disruptions to the supply side of the supply-demand market equation, such as when there is a sudden real or relative scarcity of key commodities, natural resources, or

1508:

that characterised the 1970s, resulted in actual or relative scarcity of raw materials. The price controls resulted in shortages at the point of purchase, causing, for example, queues of consumers at fuelling stations and increased production costs for industry.

1766:

in 1971 and the lack of a specific price reference in the subsequent monetary policies (Keynesian and Monetarism). Supply-side economists asserted that the contraction component of stagflation resulted from an inflation-induced rise in real tax rates (see

1656:

The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The various belligerent Governments, unable, or too timid or too short-sighted to secure from loans or taxes the resources they required, have printed notes for the

1421:. Cost-push inflation occurs when some force or condition increases the costs of production. This could be caused by government policies (such as taxes) or from purely external factors such as a shortage of natural resources or an act of war. 2356: 1532:

Later, an explanation was provided based on the effects of adverse supply shocks on both inflation and output. According to Blanchard (2009), these adverse events were one of two components of stagflation; the other was "ideas"—which

1628:

curve only. When some adverse changes in real factors are shifting the aggregate supply curve left at the same time that unwise monetary policies are shifting the aggregate demand curve right, the result is stagflation.

2029: 1813:) with the same depth and breadth they developed, as well as a lack of scholarly documentation. Despite these issues, Jacobs' work is notable for having widespread public readership and influence on decision-makers. 919:

We now have the worst of both worlds—not just inflation on the one side or stagnation on the other, but both of them together. We have a sort of "stagflation" situation. And history, in modern terms, is indeed being

5923: 1381:

economists ignored the possibility of stagflation, because historical experience suggested that high unemployment was typically associated with low inflation, and vice versa (this relationship is called the

1461:

or a new tax) that causes a subsequent jump in the "cost" of goods and services (often at the wholesale level). In technical terms, this results in contraction or negative shift in an economy's aggregate

1605:

unemployment) include inefficient government regulations or high benefits for the unemployed that give people less incentive to look for jobs. Another neoclassical explanation of stagnation is given by

1697:

inappropriate government policies: excessive regulation of product markets and labour markets leading to long-run stagnation, and excessive growth of the money supply leading to long-run inflation.

5054: 5916: 1356:. It began with a large rise in oil prices, but then continued as central banks used excessively stimulative monetary policy to counteract the resulting recession, thereby causing a 2344: 5909: 1986: 6827: 6832: 1589:

factors like changes in the money supply only affect nominal variables like inflation. The neoclassical idea that nominal factors cannot have real effects is often called

1902: 6817: 915:

during a period of simultaneously high inflation and unemployment in the United Kingdom. Warning the House of Commons of the gravity of the situation, he said:

2113: 6807: 5289: 1417:(caused by shifts of the aggregate demand curve) and cost-push (caused by shifts of the aggregate supply curve). Stagflation, in this view, is caused by 1693:", and treat the neoclassical model as a more appropriate description of the economy in the long run, when prices have sufficient time to adjust fully. 758: 6797: 5824: 6802: 5809: 6072: 5932: 5786: 843: 2345:

https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2001/uk-inflation-in-the-1970s-and-1980s-the-role-of-output-gap-mismeasurement.pdf

5901: 2675: 1496:

on 15 August 1971, an initial wave of cost-push shocks in commodities were blamed for causing spiraling prices. The second major shock was the

5889: 5771: 5710: 5673: 5507: 2644: 6315: 5940: 5831: 5370: 4398: 4354: 948:

and the late 1970s, inflation and recession were regarded as mutually exclusive, the relationship between the two being described by the

6675: 6622: 5755: 5615: 5514: 4435: 1833: 2188:

Burda, Michael; Wyplosz, Charles (1997). "Macroeconomics: A European Text, 2nd ed". Oxford, England: Oxford University Press: 338–339.

5622: 5465: 5098: 2928: 1107: 1010: 6533: 6140: 5779: 5696: 5666: 5549: 5542: 5486: 5479: 5347: 5036: 6145: 5936: 5853: 5472: 4725: 4646: 940:

did not use the term, but some of his work refers to the conditions that most would recognise as stagflation. In the version of

6511: 6243: 6238: 6233: 6227: 5659: 5563: 5528: 5385: 5223: 4718: 2162: 1639: 1048:

Economists offer two principal explanations for why stagflation occurs. First, stagflation can result when the economy faces a

377: 153: 1569:

view of the macroeconomy rejects the idea that monetary policy can have real effects. Neoclassical macroeconomists argue that

6516: 6045: 5340: 5253: 5002: 4994: 3178: 2768: 2743: 2415: 2270: 2131: 2086: 1586: 1570: 6764: 2385: 1748: 836: 5688: 4957: 3402: 3325: 6865: 6660: 5717: 3282: 3259: 3230: 3204: 3153: 514: 362: 5846: 5652: 5304: 5171: 4921: 2815: 2504: 2370: 2233: 1613:

makes it efficient to work less. The main neoclassical explanation of inflation is very simple: it happens when the

6506: 5091: 4703: 2103: 912: 455: 6724: 5931: 5493: 5267: 4754: 829: 6458: 5681: 5645: 5556: 5458: 4428: 3836: 3021: 2707: 2462: 2612:

Krautkraemer, Jeffrey (March 2002). "ECONOMICS OF SCARCITY: STATE OF THE DEBATE". Washington State University.

6486: 6202: 5882: 5817: 5521: 5392: 5333: 5186: 3806: 3796: 3489: 2716: 1453:

needed to produce goods and services. In this view, stagflation is thought to occur when there is an adverse

560: 367: 4017: 2580:

Smith, V.Kerry (1979). "Scarcity and Growth Reconsidered". Johns Hopkins Press for Resources for the Future.

6368: 5584: 5428: 5421: 5378: 5326: 5260: 4858: 3956: 3929: 1838: 1762:

emerged as a response to US stagflation in the 1970s. It largely attributed inflation to the ending of the

1566: 1424: 499: 487: 6682: 6464: 6396: 5740: 5732: 5406: 5399: 5319: 5246: 5238: 5230: 5208: 4607: 4383: 4364: 3941: 3786: 3752: 3737: 3716: 3711: 3222: 2010: 908: 389: 219: 143: 71: 2559: 2432: 1743:

policy implementations that cause inflation. This theory was first proposed in 1999 by Eduardo Loyo of

1716: 6875: 6739: 6714: 6569: 6564: 6523: 6491: 6278: 6196: 5724: 5629: 5435: 5113: 4876: 4358: 3934: 3624: 3614: 1606: 1224: 1212: 509: 492: 372: 6860: 6759: 6749: 6496: 5839: 5763: 5535: 5018: 4421: 3504: 3274: 1907: 1727: 1711: 1557:

increases could trigger another period of stagflation, although this has not yet happened (pg. 152).

394: 5010: 2967: 2683: 2630: 2598: 2287: 2206: 1175:

Money supply in the early 1970s increased at almost 15% year over year in the United States and the

6649: 6437: 5500: 5163: 5135: 4972: 4388: 4334: 4077: 4032: 3871: 3742: 3619: 3170: 583: 548: 384: 4092: 2652: 1620:

In the neoclassical viewpoint, the real factors that determine output and unemployment affect the

6754: 6744: 6734: 6729: 6719: 6599: 6594: 6589: 6110: 5875: 5793: 5297: 5200: 4801: 4042: 3876: 3866: 3856: 3846: 3584: 3574: 3534: 3524: 3397: 3318: 1652:

Keynes explicitly pointed out the relationship between governments printing money and inflation.

1493: 1353: 904: 553: 475: 470: 442: 25: 6501: 6431: 6263: 5868: 5570: 4965: 4816: 4809: 4761: 4747: 4463: 4212: 4057: 3917: 3860: 3816: 3779: 3529: 3469: 3444: 3414: 3387: 1922: 1917: 1549:

economics) which, they said, left stagflation to be explained by "contemporary students of the

1301: 1261: 1216: 924:

Macleod used the term again on 7 July 1970, and the media began also to use it, for example in

785: 536: 352: 347: 332: 299: 158: 2250: 2072: 6880: 6687: 6670: 6665: 6654: 6617: 6612: 6606: 6217: 6186: 6084: 5800: 5193: 5047: 4710: 4692: 4619: 4598: 4344: 4027: 4002: 3987: 3961: 3900: 3579: 3519: 3499: 3494: 3247: 3196: 2954: 2617: 2585: 2193: 2056: 2048: 1759: 1414: 1228: 625: 600: 504: 437: 163: 126: 104: 99: 2560:"The Supply Shock Explanation of the Great Stagflation Revisited CEPS Working Paper No. 176" 6253: 6098: 5747: 5577: 5121: 4733: 4638: 4630: 4542: 4393: 4097: 3841: 3811: 3764: 3727: 3653: 3604: 3569: 3509: 3474: 3409: 3392: 2880:"Regimes of differential accumulation: mergers, stagflation and the logic of globalization" 2807: 1912: 1763: 1271: 1257: 1236: 1208: 1176: 961: 543: 357: 202: 3342: 3251: 3064:

Hill, David (1988). "Jane Jacobs' Ideas on Big, Diverse Cities: A Review and Commentary".

3037:

Hill, David (1988). "Jane Jacobs' Ideas on Big, Diverse Cities: A Review and Commentary".

1787:

benefits the creators and early recipients of the new money relative to late recipients.

1545:

were cited as expressing as "wildly incorrect" and "fundamentally flawed" predictions (of

1110:. Oil through the Suez Canal from the Middle East to Europe had to be rerouted around the 8: 6352: 6207: 6115: 6067: 6035: 6016: 5703: 5413: 5311: 5216: 5076: 4928: 4846: 4680: 4505: 4323: 4132: 3951: 3851: 3831: 3791: 3747: 3732: 3688: 3629: 3554: 3544: 3514: 3437: 1955: 1882: 1686: 1634: 1610: 1597: 1591: 1505: 1418: 1378: 1056:. An unfavourable situation like that tends to raise prices at the same time as it slows 941: 937: 889: 753: 630: 465: 427: 168: 131: 3992: 3424: 1427:

analyses argue that stagflation can be understood by distinguishing factors that affect

590: 6870: 6837: 6822: 6812: 6792: 6787: 6782: 6777: 6771: 6089: 6057: 4586: 4378: 4349: 4307: 4112: 3821: 3801: 3769: 3683: 3678: 3658: 3609: 3549: 3539: 3484: 3479: 3311: 2909: 2860: 2537: 2143: 1744: 1690: 1232: 1180: 1099: 705: 432: 399: 337: 3104: 1015: 6558: 6552: 6546: 6152: 6125: 6062: 6050: 6011: 5980: 4672: 4655: 4556: 4242: 4217: 4127: 4007: 3895: 3698: 3634: 3599: 3589: 3459: 3278: 3255: 3226: 3200: 3174: 3149: 3137: 3017: 2864: 2811: 2764: 2739: 2541: 2500: 2458: 2411: 2266: 2229: 2082: 2052: 2017: 1872: 1463: 1357: 1251: 1114:. When Egypt tried to cross the Suez Canal and take back the Sinai Peninsula in the 780: 768: 725: 570: 565: 289: 214: 4167: 2913: 2166: 640: 6639: 6634: 6480: 6469: 6130: 6120: 6030: 5990: 5985: 5960: 5955: 5951: 5637: 5152: 5147: 4563: 4535: 4512: 4444: 4292: 4237: 4222: 4207: 4192: 4122: 4102: 4082: 4037: 3644: 3594: 3564: 3559: 3449: 3375: 3271:

Economist in an Uncertain World: Arthur F. Burns and the Federal Reserve, 1970–1978

3214: 3073: 3046: 3010: 2935: 2899: 2891: 2850: 2529: 2487: 2309: 2262: 2078: 1951: 1858: 1723: 1670:

Keynes detailed the relationship between German government deficits and inflation.

1625: 1621: 1534: 1517:

Through the mid-1970s, it was alleged that none of the major macroeconomic models (

1432: 1428: 715: 700: 226: 197: 185: 175: 111: 91: 61: 56: 4172: 1504:) constrained the worldwide supply of oil. Both events, combined with the overall 1389:

The explanation for the shift of the Phillips curve was initially provided by the

6708: 6698: 6448: 6389: 6384: 6378: 5970: 5597: 5447: 5282: 5128: 5084: 4983: 4484: 4403: 4297: 4262: 4227: 4162: 4087: 4072: 3966: 3922: 3759: 3693: 3668: 3663: 3639: 3370: 3355: 3241: 3164: 1963: 1780: 1719: 1497: 1450: 1394: 1287: 1119: 1087: 1057: 1019: 881: 880:

remains steadily high. Stagflation, once thought impossible, poses a dilemma for

873: 817: 720: 680: 660: 526: 327: 322: 317: 284: 256: 116: 1126:

supported funding Israel with $ 2.2 billion over the conflict. That resulted in

5997: 5975: 5362: 5274: 5179: 4549: 4528: 4317: 4302: 4267: 4252: 4232: 4202: 4022: 3673: 3382: 3350: 3188: 3133: 2496: 2013: 1887: 1788: 1550: 1538: 1383: 1167: 1115: 1002: 949: 869: 775: 690: 685: 342: 192: 148: 66: 41: 33: 4052: 3298: 3077: 3050: 2895: 1828:

very sharply increased interest rates from 1979 to 1983 in what was called a "

1199: 610: 6854: 6425: 6419: 6410: 6404: 6346: 6337: 6328: 6310: 6299: 6287: 6257: 6079: 5025: 4950: 4943: 4936: 4914: 4898: 4890: 4883: 4869: 4839: 4832: 4825: 4783: 4776: 4769: 4740: 4579: 4572: 4498: 4470: 4282: 4272: 4247: 4187: 4182: 4177: 4157: 4147: 4117: 4107: 4012: 3912: 3885: 3649: 3145: 2735: 1959: 1897: 1768: 1661:

Keynes also pointed out how government price controls discourage production.

1522: 1489: 1402: 1398: 1321: 1278: 1220: 1123: 926: 710: 695: 670: 655: 650: 645: 620: 615: 279: 241: 138: 1637:

described the inflation and economic stagnation gripping Europe in his book

993:

productivity growth and the effects of real wages on the demand for labor".

6169: 6162: 6157: 6026: 6021: 5965: 5354: 5105: 4906: 4477: 4312: 4257: 4152: 4142: 4137: 4062: 3907: 3432: 3360: 2705:

Helliwell, John (March 1988). "Comparative Macroeconomics of Stagflation".

2482: 2108: 1892: 1829: 1825: 1614: 1582: 1542: 1454: 1311: 1152: 1103: 1053: 1049: 945: 900: 877: 805: 730: 675: 635: 422: 294: 261: 251: 209: 86: 81: 1726:

have proposed an explanation of stagflation as part of a theory they call

6094: 6040: 5608: 4664: 4521: 4491: 4287: 4277: 4067: 3946: 3890: 3365: 2934:. National Bureau of Economic Research New Working Papers. Archived from 2478: 2225: 1801: 1795: 1483: 1331: 1079: 1073: 1023: 1006: 735: 231: 2904: 1134:

on oil exports to the United States and other countries backing Israel.

966: 952:. Stagflation is very costly and difficult to eradicate once it starts. 6363: 4197: 3997: 3774: 2533: 2357:"About the IMF: History: The end of the Bretton Woods System (1972–81)" 2147: 1943: 1806: 1578: 1526: 1390: 1242: 1091: 1029: 980:

Borrowing costs for debt and bonds were elevated from inflation as well

665: 595: 531: 482: 6174: 6105: 6006: 6002: 4047: 3977: 3334: 2842: 1947: 1877: 1867: 1810: 1784: 1554: 1546: 1518: 1458: 1179:

lags behind about one year or two. Britains monetary policy was also

1095: 895: 857: 763: 605: 236: 121: 76: 2371:"The operation and demise of the Bretton Woods system: 1958 to 1971" 1624:

curve only. The nominal factors that determine inflation affect the

1413:

Neo-Keynesian theory distinguished two distinct kinds of inflation:

4456: 4413: 3826: 2855: 932: 3193:

Till Time's Last Sand: A History of the Bank of England, 1694–2013

2520:

Bronfenbrenner, Martin (1976). "Elements of Stagflation Theory".

1191: 1131: 2879: 1142: 2982: 1852: 1111: 1083: 884:, as measures to reduce inflation may exacerbate unemployment. 812: 3219:

A History of the Federal Reserve – Volume 2, Book 2: 1970–1986

2433:"A Monetary Explanation of the Great Stagflation of the 1970s" 1553:". In this discussion, Blanchard hypothesizes that the recent 3163:

Homer, Sidney; Sylla, Richard Eugene; Sylla, Richard (1996).

1127: 404: 180: 3303: 1821:

Stagflation undermined support for the Keynesian consensus.

974: 1501: 1297: 1500:, when the Organization of Petroleum Exporting Countries ( 16:

High inflation, low economic growth, and high unemployment

1574: 1367: 1275: 2408:

Applied Macroeconomics: Employment, Growth and Inflation

1256:

In the early 1970s, this graph shows some currencies at

2763:(5th ed.). Prentice Hall. pp. 153, 583, G–9. 2165:. University of California at Berkeley. Archived from 2032:(also known as Hansard), 17 November 1965, page 1,165. 1796:

Jane Jacobs and the influence of cities on stagflation

1060:

by making production more costly and less profitable.

4762:

Post-Napoleonic Irish grain price and land use shocks

1848: 1372: 3132: 2558:Blinder, Alan S.; Rudd, Jeremy B. (November 2008). 2410:. Delhi: I.K. International. pp. 112 and 114. 2042: 2040: 2038: 1477: 1130:countries cutting production of oil and placing an 911:in 1970. Macleod used the word in a 1965 speech to 3009: 2486: 2251:"Ch. 10 Bringing in the Supply Side: Unemployment 2160: 2018:http://dictionary.reference.com/browse/stagflation 1737: 1352:Both explanations are offered in analyses of the 6852: 2035: 1457:(for example, a sudden increase in the price of 3299:How Paul Volcker Stopped Inflation in the 1980s 3162: 3091: 2929:"Demand-Pull Stagflation (Draft Working Paper)" 2841:Beaudry, Paul; Portier, Franck (January 2018). 2222:Macroeconomics: Theory, Performance, and Policy 1774: 1705: 2840: 2831:Abel & Bernanke (1995), Ch. 11, pp. 376–7. 2792:Abel & Bernanke (1995), Ch. 11, pp. 378–9. 2519: 1186: 5917: 5890:List of stock market crashes and bear markets 4429: 3319: 2980: 2249:Baumol, William J.; Blinder, Alan S. (2015). 2248: 2064: 2046: 837: 3066:Journal of the American Planning Association 3039:Journal of the American Planning Association 2611: 2477: 2471: 2457:(2nd ed.). Prentice Hall. p. 541. 2430: 2187: 2125: 2123: 2801: 2795: 2557: 2181: 2163:"Supply Shocks: The Dilemma of Stagflation" 2132:"Comparative Macroeconomics of Stagflation" 5924: 5910: 4436: 4422: 3326: 3312: 2752: 2446: 2219: 2213: 2095: 1108:closed down the Suez Canal for eight years 844: 830: 5711:2015–2016 Chinese stock market turbulence 2903: 2884:Review of International Political Economy 2854: 2843:"Real Keynesian Models and Sticky Prices" 2761:Macroeconomics (Instructor's Review Copy) 2758: 2732:Macroeconomics (Instructor's Review Copy) 2729: 2723: 2704: 2452: 2129: 2120: 1118:in late 1973, that is what triggered the 3187: 2983:"Did Phelps Really Explain Stagflation?" 2802:Barro, Robert; Grilli, Vittorio (1994). 2553: 2551: 2071:Mankiw, N. Gregory (25 September 2008). 1679: 1241: 1198: 1190: 1141: 1028: 1014: 973: 965: 3213: 2974: 2495:(2nd ed.). Boston, Massachusetts: 2405: 2383: 2101: 2047:Nelson, Edward; Nikolov, Kalin (2002). 1685:believe that in the long run, money is 1585:, are determined by real factors only. 6853: 5616:Venezuelan banking crisis of 2009–2010 5386:South American economic crisis of 2002 5283:Black Wednesday (1992 Sterling crisis) 3239: 3007: 2877: 2070: 1640:The Economic Consequences of the Peace 1368:Postwar Keynesian and monetarist views 1064:do not usually slow economic growth . 154:Measures of national income and output 5905: 5667:2013 Chinese banking liquidity crisis 5623:2010–2014 Portuguese financial crisis 5099:Secondary banking crisis of 1973–1975 4417: 3307: 3268: 2734:(5th ed.). Hoboken, New Jersey: 2579: 2548: 2431:Barsky, Robert; Kilian, Lutz (2000). 2401: 2399: 2259:Macroeconomics: Principles and Policy 2161:J. Bradford DeLong (3 October 1998). 2154: 2116:from the original on 4 December 2013. 1754: 1560: 1227:to gold was abandoned. The price of 1146:(Percent change from a year earlier) 1011:Closure of the Suez Canal (1967–1975) 944:that was dominant between the end of 5697:Russian financial crisis (2014–2016) 5550:2008–2011 Icelandic financial crisis 5543:2008–2009 Ukrainian financial crisis 5508:2000s U.S. housing market correction 5348:1998–2002 Argentine great depression 4443: 3063: 3036: 2926: 2847:National Bureau of Economic Research 2384:Moorthy, Vivek (16 September 2008). 1783:maintain that creation of new money 1749:John F. Kennedy School of Government 1700: 1617:increase the money supply too much. 1529:) were able to explain stagflation. 5854:2023–2024 Egyptian financial crisis 5689:Puerto Rican government-debt crisis 5682:2014–2016 Brazilian economic crisis 5055:1963–1965 Indonesian hyperinflation 4958:Shanghai rubber stock market crisis 4647:Dutch Republic stock market crashes 3403:Agent-based computational economics 3243:Volcker: The Triumph of Persistence 2783:Abel & Bernanke (1995), Ch. 11. 2285: 2220:Hall, Robert; Taylor, John (1986). 2102:Kollewe, Julia (15 February 2011). 1408: 1022:caused an increase in the price of 13: 6228:British credit crisis of 1772–1773 5660:2012–2013 Cypriot financial crisis 5564:2008–2014 Spanish financial crisis 5536:2008–2009 Russian financial crisis 5529:2008–2009 Belgian financial crisis 5224:1988–1992 Norwegian banking crisis 4719:British credit crisis of 1772–1773 3126: 2396: 2104:"Inflation: what you need to know" 1052:, such as a rapid increase in the 1037: UK M4 Money Supply Increases 955: 14: 6892: 5941:Commonwealth of Nations countries 5847:2023 United States banking crisis 5653:2011 Bangladesh share market scam 5341:1998–1999 Ecuador economic crisis 5305:Venezuelan banking crisis of 1994 5231:Japanese asset price bubble crash 5172:Souk Al-Manakh stock market crash 4922:Australian banking crisis of 1893 4726:Dutch Republic financial collapse 3292: 2981:Frank Shostak (10 October 2006). 2682:. 14 January 1974. Archived from 1800:In 1984, journalist and activist 1373:Early Keynesianism and monetarism 4704:Amsterdam banking crisis of 1763 3861:neoclassical–Keynesian synthesis 3142:Capitalism in America: A History 3012:Cities and the Wealth of Nations 2651:. 3 October 1983. Archived from 2522:Zeitschrift für Nationalökonomie 2030:House of Commons Official Report 1903:Stagflation in the United States 1851: 1478:Explaining the 1970s stagflation 1438: 1339: 1239:after many years of steadiness. 1137: 811: 799: 40: 5937:recessions in the United States 5429:2007 Chinese stock bubble crash 4755:Danish state bankruptcy of 1813 3097: 3084: 3057: 3030: 3001: 2920: 2871: 2834: 2825: 2786: 2777: 2738:. pp. 152, 583, 584, G–9. 2698: 2667: 2637: 2605: 2573: 2513: 2424: 2377: 2363: 2349: 2338: 2324: 2302: 2279: 2242: 1936: 1573:economic quantities, like real 1512: 1443: 1067: 5810:Chinese property sector crisis 5718:2015–2016 stock market selloff 5646:August 2011 stock markets fall 5557:2008–2011 Irish banking crisis 5254:1990s Swedish financial crisis 5003:Weimar Republic hyperinflation 2878:Nitzan, Jonathan (June 2001). 2708:Journal of Economic Literature 2136:Journal of Economic Literature 2130:Helliwell, John (March 1988). 2023: 2004: 1979: 1738:Demand-pull stagflation theory 1215:between currencies started to 942:Keynesian macroeconomic theory 868:) is a situation in which the 759:Publications in macroeconomics 1: 5883:List of sovereign debt crises 5825:2022 Russian financial crisis 5522:2008 Latvian financial crisis 5515:U.S. bear market of 2007–2009 5393:Stock market downturn of 2002 5334:1998 Russian financial crisis 5187:1983 Israel bank stock crisis 3797:Critique of political economy 3333: 3092:Homer, Sylla & Sylla 1996 2717:American Economic Association 2386:"Debunking supply shock myth" 2049:Bank of England Working Paper 1972: 1354:1970s stagflation in the West 899:, is generally attributed to 5585:Greek government-debt crisis 5422:2004 Argentine energy crisis 5379:2001 Turkish economic crisis 5268:1990s Armenian energy crisis 5261:1990s Finnish banking crisis 5122:1976 British currency crisis 5092:1973–1974 stock market crash 2989:. Ludwig von Mises Institute 2440:CEPR Press Discussion Papers 2332:"How to Control Stagflation" 2312:. History.com. 30 March 2021 2074:Principles of Macroeconomics 1987:"How to Control Stagflation" 1841:within a reasonable period. 1816: 1775:Austrian School of economics 1706:As differential accumulation 1102:, who was aligning with the 7: 6683:1997 Asian financial crisis 6316:Civil War-era United States 5741:2017 Sri Lankan fuel crisis 5407:2003 Myanmar banking crisis 5400:2002 Uruguay banking crisis 5320:1997 Asian financial crisis 5247:1991 Indian economic crisis 5239:Rhode Island banking crisis 5209:Cameroonian economic crisis 4995:Early Soviet hyperinflation 4608:Crisis of the Third Century 3240:Silber, William L. (2012). 3223:University of Chicago Press 3166:A History of Interest Rates 2927:Loyo, Eduardo (June 1999). 2759:Blanchard, Olivier (2009). 2730:Blanchard, Olivier (2009). 2715:(1). Nashville, Tennessee: 2453:Blanchard, Olivier (2000). 2011:Online Etymology Dictionary 1844: 1609:, in which any decrease in 1364:causing high unemployment. 1187:End of Bretton Woods system 909:Chancellor of the Exchequer 887:The term, a portmanteau of 872:is high or increasing, the 10: 6897: 6459:Post–World War I recession 6279:Post-Napoleonic Depression 5772:Sri Lankan economic crisis 5630:Energy crisis in Venezuela 5609:2009 Dubai debt standstill 5459:2007–2008 financial crisis 5114:Latin American debt crisis 4877:Paris Bourse crash of 1882 3935:Real business-cycle theory 3016:. New York: Random House. 1709: 1607:real business cycle theory 1481: 1213:fixed exchange rate system 1211:was failing and countries 1071: 1000: 959: 510:New neoclassical synthesis 493:Real business-cycle theory 6866:1970s in economic history 6697: 6633: 6578: 6532: 6447: 6369:2nd Industrial Revolution 6362: 6309: 6302:(1836–1838 and 1839–1843) 6218:1st Industrial Revolution 6216: 6185: 5986:Price-and-wage stickiness 5947: 5863: 5840:2022 stock market decline 5832:Pakistani economic crisis 5818:2021–2023 inflation surge 5764:Lebanese liquidity crisis 5733:Venezuelan hyperinflation 5725:Brexit stock market crash 5674:Venezuela economic crisis 5596: 5446: 5436:Zimbabwean hyperinflation 5146: 5064: 5035: 5019:Wall Street Crash of 1929 4982: 4859:2nd Industrial Revolution 4857: 4793: 4693:1st Industrial Revolution 4691: 4618: 4596: 4451: 4375: 4333: 3975: 3709: 3458: 3423: 3341: 3275:Columbia University Press 3078:10.1080/01944368808976491 3051:10.1080/01944368808976491 2896:10.1080/09692290010033385 2290:. Federal Reserve History 2261:. Boston, Massachusetts: 2077:. Boston, Massachusetts: 1908:Zero interest-rate policy 1824:Federal Reserve chairman 1728:differential accumulation 1712:Differential accumulation 996: 6650:1990s United States boom 6438:Financial crisis of 1914 5501:Subprime mortgage crisis 5164:Brazilian hyperinflation 5136:Brazilian hyperinflation 4973:Financial crisis of 1914 4681:Mississippi bubble crash 3269:Wells, Wyatt C. (1994). 3171:Rutgers University Press 1929: 1830:disinflationary scenario 1090:all the way down to the 515:Saltwater and freshwater 6465:Depression of 1920–1921 6397:Depression of 1882–1885 6311:Early Victorian Britain 6046:Real and nominal values 5876:List of economic crises 5794:2020 stock market crash 5787:Financial market impact 5756:Turkish economic crisis 5371:9/11 stock market crash 5327:October 1997 mini-crash 5298:1994 bond market crisis 5290:Yugoslav hyperinflation 5201:Savings and loan crisis 4802:European potato failure 3575:Industrial organization 3398:Computational economics 3105:"Business Cycle Dating" 2804:European Macroeconomics 2406:Moorthy, Vivek (2017). 1494:wage and price controls 1431:from those that affect 1195:Price of gold 1915-2022 1183:causing excess demand. 930:on 15 August 1970, and 443:International economics 368:Overlapping generations 6570:Recession of 1969–1970 6565:Recession of 1960–1961 6524:Recession of 1937–1938 5869:List of banking crises 5638:Syrian economic crisis 5571:Blue Monday Crash 2009 5180:Chilean crisis of 1982 5011:Shōwa financial crisis 4817:Highland Potato Famine 4673:South Sea bubble crash 4464:Commodity price shocks 3780:Modern monetary theory 3445:Experimental economics 3415:Pluralism in economics 3388:Mathematical economics 2962:Cite journal requires 2625:Cite journal requires 2593:Cite journal requires 2288:"Oil Shock of 1973–74" 2201:Cite journal requires 2020:(accessed 5 May 2007). 1923:2020s commodities boom 1918:2000s commodities boom 1677: 1668: 1659: 1650: 1425:Contemporary Keynesian 1377:Up to the 1960s, many 1336: 1223:where currencies were 1204: 1203:Price of oil 1946-2022 1196: 1172: 1122:in October 1973, when 1045: 1026: 981: 971: 922: 907:politician who became 786:Mathematical economics 537:Modern monetary theory 300:Universal basic income 6688:Early 2000s recession 6655:Early 1990s recession 6607:Early 1980s recession 6187:Commercial revolution 6085:Nominal interest rate 5194:Black Saturday (1983) 5048:Kennedy Slide of 1962 4620:Commercial revolution 3225:. pp. 865–1131. 3008:Jacobs, Jane (1984). 2061:Introduction, page 9. 1760:Supply-side economics 1680:Zimmermann conclusion 1672: 1663: 1654: 1645: 1482:Further information: 1245: 1207:In the mid 1970s the 1202: 1194: 1145: 1032: 1018: 977: 969: 917: 626:Wesley Clair Mitchell 601:Thomas Robert Malthus 438:Development economics 6254:Copper Panic of 1789 5748:Ghana banking crisis 5578:European debt crisis 5363:Dot-com bubble crash 5275:Cuban Special Period 4734:Copper Panic of 1789 4639:The Great Debasement 4631:Great Bullion Famine 3654:Social choice theory 3410:Behavioral economics 3393:Complexity economics 3277:. pp. 121–228. 3199:. pp. 501–587. 3148:. pp. 299–326. 1913:1976 sterling crisis 1764:Bretton Woods system 1717:Political economists 1615:monetary authorities 1258:fixed exchange rates 1209:Bretton Woods system 1177:Consumer price index 1082:started in 1967 and 970:UK inflation history 962:1976 sterling crisis 363:Ramsey–Cass–Koopmans 203:Liquidity preference 6590:1973–1975 recession 6534:Post–WWII expansion 6208:Great Frost of 1709 6036:Neutrality of money 6017:Classical dichotomy 5933:Economic expansions 5704:2015 Nepal blockade 5414:2000s energy crisis 5312:Mexican peso crisis 5217:Black Monday (1987) 5077:1970s energy crisis 5037:Post–WWII expansion 4711:Bengal bubble crash 4506:Financial contagion 3738:American (National) 3438:Economic statistics 2941:on 16 February 2008 2806:. London, England: 2676:"Panic at the Pump" 2567:gceps.princeton.edu 1956:John Maynard Keynes 1942:including those of 1883:Economic stagnation 1635:John Maynard Keynes 1611:labour productivity 1598:classical dichotomy 1592:monetary neutrality 1419:cost-push inflation 1264:against each other: 1112:Continent of Africa 938:John Maynard Keynes 866:recession-inflation 818:Business portal 754:Macroeconomic model 631:John Maynard Keynes 428:Economic statistics 373:General equilibrium 6772:COVID-19 recession 6432:Panic of 1910–1911 6264:Panic of 1796–1797 6090:Real interest rate 6058:Economic expansion 4966:Panic of 1910–1911 4810:Great Irish Famine 4748:Panic of 1796–1797 4587:Stock market crash 3138:Wooldridge, Adrian 2534:10.1007/BF01283912 2286:Corbett, Michael. 1837:and return to its 1755:Supply-side theory 1745:Harvard University 1561:Neoclassical views 1337: 1205: 1197: 1173: 1100:Gamal Abdel Nasser 1046: 1043: UK Inflation 1027: 982: 972: 936:on 19 March 1973. 905:Conservative Party 706:Edward C. Prescott 433:Monetary economics 6876:Political economy 6848: 6847: 6559:Recession of 1958 6553:Recession of 1953 6547:Recession of 1949 6244:Thirteen Colonies 6051:Velocity of money 5981:Paradox of thrift 5899: 5898: 5780:COVID-19 pandemic 4665:Tulip mania crash 4656:Kipper und Wipper 4633:(c. 1400–c. 1500) 4411: 4410: 3942:New institutional 3215:Meltzer, Allan H. 3180:978-0-8135-2288-3 2770:978-0-13-013306-9 2745:978-0-13-013306-9 2417:978-93-85909-04-7 2272:978-1-305-53405-6 2224:. New York City: 2088:978-0-324-58999-3 1873:Chronic inflation 1779:Adherents to the 1701:Alternative views 1492:'s imposition of 1405:economic models. 1358:price/wage spiral 854: 853: 781:Political economy 736:N. Gregory Mankiw 726:Thomas J. Sargent 571:Market monetarism 385:Endogenous growth 215:National accounts 6888: 6861:1960s neologisms 6640:Great Regression 6635:Great Moderation 6481:Great Depression 6470:Roaring Twenties 5991:Underconsumption 5961:Effective demand 5952:Aggregate demand 5926: 5919: 5912: 5903: 5902: 5892: 5885: 5878: 5871: 5856: 5849: 5842: 5835: 5827: 5820: 5813: 5803: 5796: 5789: 5782: 5775: 5767: 5759: 5751: 5743: 5736: 5728: 5720: 5713: 5706: 5699: 5692: 5684: 5677: 5669: 5662: 5655: 5648: 5641: 5633: 5625: 5618: 5611: 5587: 5580: 5573: 5566: 5559: 5552: 5545: 5538: 5531: 5524: 5517: 5510: 5503: 5496: 5489: 5482: 5475: 5468: 5461: 5439: 5431: 5424: 5417: 5409: 5402: 5395: 5388: 5381: 5374: 5366: 5358: 5350: 5343: 5336: 5329: 5322: 5315: 5307: 5300: 5293: 5285: 5278: 5270: 5263: 5256: 5249: 5242: 5234: 5226: 5219: 5212: 5204: 5196: 5189: 5182: 5175: 5167: 5153:Great Regression 5148:Great Moderation 5139: 5131: 5124: 5117: 5109: 5101: 5094: 5087: 5080: 5057: 5050: 5028: 5021: 5014: 5006: 4998: 4975: 4968: 4961: 4953: 4946: 4939: 4932: 4924: 4917: 4910: 4902: 4894: 4886: 4879: 4872: 4850: 4842: 4835: 4828: 4819: 4812: 4805: 4786: 4779: 4772: 4765: 4757: 4750: 4743: 4736: 4729: 4721: 4714: 4706: 4684: 4676: 4668: 4660: 4650: 4642: 4634: 4611: 4589: 4582: 4575: 4566: 4559: 4552: 4545: 4538: 4536:Liquidity crisis 4531: 4524: 4515: 4513:Social contagion 4508: 4501: 4494: 4487: 4480: 4473: 4466: 4459: 4445:Financial crises 4438: 4431: 4424: 4415: 4414: 3615:Natural resource 3450:Economic history 3376:Mechanism design 3328: 3321: 3314: 3305: 3304: 3288: 3265: 3248:Bloomsbury Press 3236: 3210: 3184: 3159: 3120: 3119: 3117: 3115: 3101: 3095: 3088: 3082: 3081: 3061: 3055: 3054: 3034: 3028: 3027: 3015: 3005: 2999: 2998: 2996: 2994: 2978: 2972: 2971: 2965: 2960: 2958: 2950: 2948: 2946: 2940: 2933: 2924: 2918: 2917: 2907: 2875: 2869: 2868: 2858: 2838: 2832: 2829: 2823: 2822:Ch. 8, Fig. 8.1. 2821: 2799: 2793: 2790: 2784: 2781: 2775: 2774: 2756: 2750: 2749: 2727: 2721: 2720: 2702: 2696: 2695: 2693: 2691: 2686:on 24 March 2008 2671: 2665: 2664: 2662: 2660: 2655:on 14 March 2008 2641: 2635: 2634: 2628: 2623: 2621: 2613: 2609: 2603: 2602: 2596: 2591: 2589: 2581: 2577: 2571: 2570: 2564: 2555: 2546: 2545: 2517: 2511: 2510: 2490: 2475: 2469: 2468: 2450: 2444: 2443: 2437: 2428: 2422: 2421: 2403: 2394: 2393: 2381: 2375: 2374: 2373:. 23 April 2017. 2367: 2361: 2360: 2353: 2347: 2342: 2336: 2335: 2328: 2322: 2321: 2319: 2317: 2306: 2300: 2299: 2297: 2295: 2283: 2277: 2276: 2263:Cengage Learning 2246: 2240: 2239: 2217: 2211: 2210: 2204: 2199: 2197: 2189: 2185: 2179: 2178: 2176: 2174: 2158: 2152: 2151: 2127: 2118: 2117: 2099: 2093: 2092: 2079:Cengage Learning 2068: 2062: 2060: 2044: 2033: 2027: 2021: 2008: 2002: 2001: 1999: 1997: 1983: 1966: 1952:John Stuart Mill 1940: 1861: 1859:Economics portal 1856: 1855: 1724:Shimshon Bichler 1643:. Keynes wrote: 1626:aggregate demand 1622:aggregate supply 1433:aggregate supply 1429:aggregate demand 1409:Neo-Keynesianism 1329: 1319: 1309: 1295: 1285: 1269: 1249: 1165: 1159: 1150: 1042: 1036: 978:10 year UK bond 876:rate slows, and 846: 839: 832: 816: 815: 806:Money portal 804: 803: 802: 716:William Nordhaus 701:Robert Lucas Jr. 591:François Quesnay 227:Nominal rigidity 198:Demand for money 176:Microfoundations 112:Financial crisis 92:Effective demand 62:Aggregate supply 57:Aggregate demand 44: 21: 20: 6896: 6895: 6891: 6890: 6889: 6887: 6886: 6885: 6851: 6850: 6849: 6844: 6709:Great Recession 6701: 6699:Information Age 6693: 6642: 6638: 6629: 6582: 6580:Great Inflation 6574: 6536: 6528: 6451: 6449:Interwar period 6443: 6379:Long Depression 6371: 6367: 6358: 6318: 6314: 6305: 6220: 6212: 6189: 6181: 6146:U.S. recessions 6141:U.K. recessions 6073:U.S. expansions 5943: 5930: 5900: 5895: 5888: 5881: 5874: 5867: 5859: 5852: 5845: 5838: 5830: 5823: 5816: 5808: 5799: 5792: 5785: 5778: 5770: 5762: 5754: 5746: 5739: 5731: 5723: 5716: 5709: 5702: 5695: 5687: 5680: 5672: 5665: 5658: 5651: 5644: 5636: 5628: 5621: 5614: 5607: 5600: 5598:Information Age 5592: 5583: 5576: 5569: 5562: 5555: 5548: 5541: 5534: 5527: 5520: 5513: 5506: 5499: 5492: 5485: 5478: 5471: 5464: 5457: 5450: 5448:Great Recession 5442: 5434: 5427: 5420: 5412: 5405: 5398: 5391: 5384: 5377: 5369: 5361: 5353: 5346: 5339: 5332: 5325: 5318: 5310: 5303: 5296: 5288: 5281: 5273: 5266: 5259: 5252: 5245: 5237: 5229: 5222: 5215: 5207: 5199: 5192: 5185: 5178: 5170: 5162: 5155: 5151: 5142: 5134: 5129:1979 oil crisis 5127: 5120: 5112: 5104: 5097: 5090: 5085:1973 oil crisis 5083: 5075: 5068: 5066:Great Inflation 5060: 5053: 5046: 5039: 5031: 5024: 5017: 5009: 5001: 4993: 4986: 4984:Interwar period 4978: 4971: 4964: 4956: 4949: 4942: 4935: 4927: 4920: 4913: 4905: 4897: 4889: 4882: 4875: 4868: 4861: 4853: 4845: 4838: 4831: 4824: 4815: 4808: 4800: 4789: 4782: 4775: 4768: 4760: 4753: 4746: 4739: 4732: 4724: 4717: 4709: 4702: 4695: 4687: 4679: 4671: 4663: 4653: 4645: 4637: 4629: 4622: 4614: 4606: 4592: 4585: 4578: 4571: 4562: 4555: 4548: 4541: 4534: 4527: 4520: 4511: 4504: 4497: 4490: 4485:Currency crisis 4483: 4476: 4469: 4462: 4455: 4447: 4442: 4412: 4407: 4404:Business portal 4371: 4370: 4369: 4329: 4093:von Böhm-Bawerk 3981: 3980: 3971: 3743:Ancient thought 3721: 3720: 3714: 3705: 3704: 3703: 3454: 3419: 3371:Contract theory 3356:Decision theory 3337: 3332: 3295: 3285: 3262: 3233: 3207: 3189:Kynaston, David 3181: 3156: 3134:Greenspan, Alan 3129: 3127:Further reading 3124: 3123: 3113: 3111: 3103: 3102: 3098: 3089: 3085: 3062: 3058: 3035: 3031: 3024: 3006: 3002: 2992: 2990: 2979: 2975: 2963: 2961: 2952: 2951: 2944: 2942: 2938: 2931: 2925: 2921: 2876: 2872: 2839: 2835: 2830: 2826: 2818: 2810:. p. 139. 2800: 2796: 2791: 2787: 2782: 2778: 2771: 2757: 2753: 2746: 2728: 2724: 2703: 2699: 2689: 2687: 2674: 2672: 2668: 2658: 2656: 2645:"Over a Barrel" 2643: 2642: 2638: 2626: 2624: 2615: 2614: 2610: 2606: 2594: 2592: 2583: 2582: 2578: 2574: 2562: 2556: 2549: 2518: 2514: 2507: 2476: 2472: 2465: 2451: 2447: 2435: 2429: 2425: 2418: 2404: 2397: 2382: 2378: 2369: 2368: 2364: 2355: 2354: 2350: 2343: 2339: 2330: 2329: 2325: 2315: 2313: 2308: 2307: 2303: 2293: 2291: 2284: 2280: 2273: 2265:. p. 206. 2247: 2243: 2236: 2218: 2214: 2202: 2200: 2191: 2190: 2186: 2182: 2172: 2170: 2159: 2155: 2128: 2121: 2100: 2096: 2089: 2081:. p. 464. 2069: 2065: 2045: 2036: 2028: 2024: 2009: 2005: 1995: 1993: 1985: 1984: 1980: 1975: 1970: 1969: 1964:Milton Friedman 1941: 1937: 1932: 1927: 1857: 1850: 1847: 1819: 1798: 1781:Austrian School 1777: 1757: 1740: 1720:Jonathan Nitzan 1714: 1708: 1703: 1682: 1563: 1515: 1506:energy shortage 1498:1973 oil crisis 1486: 1480: 1451:natural capital 1446: 1441: 1411: 1395:Milton Friedman 1375: 1370: 1342: 1335: 1327: 1325: 1317: 1315: 1307: 1305: 1304:) exchange rate 1293: 1291: 1288:Canadian dollar 1283: 1281: 1267: 1265: 1255: 1252:US Dollar Index 1247: 1189: 1171: 1163: 1161: 1157: 1155: 1153:M2 money supply 1148: 1140: 1088:Sinai Peninsula 1078:As soon as the 1076: 1070: 1058:economic growth 1044: 1040: 1038: 1034: 1020:1973 oil crisis 1013: 999: 979: 964: 958: 956:Great Inflation 882:economic policy 874:economic growth 850: 810: 800: 798: 791: 790: 749: 741: 740: 721:Joseph Stiglitz 681:Milton Friedman 661:Friedrich Hayek 586: 576: 575: 458: 448: 447: 418: 410: 409: 395:Mundell–Fleming 390:Matching theory 328:Keynesian cross 313: 305: 304: 275: 267: 266: 52: 17: 12: 11: 5: 6894: 6884: 6883: 6878: 6873: 6868: 6863: 6846: 6845: 6843: 6842: 6841: 6840: 6835: 6830: 6828:United Kingdom 6825: 6820: 6815: 6810: 6805: 6800: 6795: 6790: 6785: 6780: 6769: 6768: 6767: 6762: 6760:United Kingdom 6757: 6752: 6747: 6742: 6737: 6732: 6727: 6722: 6717: 6705: 6703: 6702:(2007–present) 6695: 6694: 6692: 6691: 6685: 6680: 6679: 6678: 6673: 6671:United Kingdom 6668: 6663: 6652: 6646: 6644: 6631: 6630: 6628: 6627: 6626: 6625: 6620: 6618:United Kingdom 6615: 6604: 6603: 6602: 6597: 6595:United Kingdom 6586: 6584: 6576: 6575: 6573: 6572: 6567: 6562: 6556: 6550: 6544: 6540: 6538: 6530: 6529: 6527: 6526: 6521: 6520: 6519: 6514: 6512:United Kingdom 6509: 6504: 6499: 6494: 6489: 6478: 6475: 6472: 6467: 6462: 6455: 6453: 6445: 6444: 6442: 6441: 6435: 6429: 6423: 6417: 6414: 6408: 6402: 6399: 6394: 6393: 6392: 6387: 6385:United Kingdom 6375: 6373: 6360: 6359: 6357: 6356: 6350: 6344: 6341: 6335: 6332: 6326: 6322: 6320: 6307: 6306: 6304: 6303: 6297: 6294: 6291: 6285: 6282: 6276: 6273: 6270: 6267: 6261: 6251: 6248: 6247: 6246: 6241: 6236: 6224: 6222: 6214: 6213: 6211: 6210: 6205: 6200: 6193: 6191: 6183: 6182: 6180: 6179: 6178: 6177: 6167: 6166: 6165: 6160: 6150: 6149: 6148: 6143: 6138: 6133: 6128: 6123: 6118: 6113: 6103: 6102: 6101: 6092: 6087: 6077: 6076: 6075: 6070: 6065: 6055: 6054: 6053: 6048: 6043: 6038: 6033: 6024: 6019: 6014: 6000: 5998:Business cycle 5995: 5994: 5993: 5988: 5983: 5978: 5976:Overproduction 5973: 5968: 5963: 5948: 5945: 5944: 5929: 5928: 5921: 5914: 5906: 5897: 5896: 5894: 5893: 5886: 5879: 5872: 5864: 5861: 5860: 5858: 5857: 5850: 5843: 5836: 5834:(2022–present) 5828: 5821: 5814: 5812:(2020–present) 5806: 5805: 5804: 5797: 5790: 5776: 5774:(2019–present) 5768: 5766:(2019–present) 5760: 5758:(2018–present) 5752: 5744: 5737: 5729: 5721: 5714: 5707: 5700: 5693: 5685: 5678: 5676:(2013–present) 5670: 5663: 5656: 5649: 5642: 5640:(2011–present) 5634: 5632:(2010–present) 5626: 5619: 5612: 5604: 5602: 5601:(2009–present) 5594: 5593: 5591: 5590: 5589: 5588: 5581: 5574: 5567: 5560: 5553: 5546: 5539: 5532: 5525: 5518: 5511: 5504: 5497: 5490: 5483: 5476: 5469: 5466:September 2008 5454: 5452: 5444: 5443: 5441: 5440: 5438:(2007–present) 5432: 5425: 5418: 5410: 5403: 5396: 5389: 5382: 5375: 5367: 5359: 5351: 5344: 5337: 5330: 5323: 5316: 5308: 5301: 5294: 5286: 5279: 5271: 5264: 5257: 5250: 5243: 5235: 5227: 5220: 5213: 5205: 5197: 5190: 5183: 5176: 5168: 5159: 5157: 5144: 5143: 5141: 5140: 5132: 5125: 5118: 5110: 5102: 5095: 5088: 5081: 5072: 5070: 5062: 5061: 5059: 5058: 5051: 5043: 5041: 5033: 5032: 5030: 5029: 5022: 5015: 5007: 4999: 4990: 4988: 4980: 4979: 4977: 4976: 4969: 4962: 4954: 4947: 4940: 4933: 4925: 4918: 4911: 4903: 4895: 4887: 4880: 4873: 4865: 4863: 4855: 4854: 4852: 4851: 4843: 4836: 4829: 4822: 4821: 4820: 4813: 4797: 4795: 4791: 4790: 4788: 4787: 4780: 4773: 4766: 4758: 4751: 4744: 4737: 4730: 4728:(c. 1780–1795) 4722: 4715: 4707: 4699: 4697: 4689: 4688: 4686: 4685: 4677: 4669: 4661: 4651: 4649:(c. 1600–1760) 4643: 4635: 4626: 4624: 4616: 4615: 4613: 4612: 4603: 4601: 4594: 4593: 4591: 4590: 4583: 4576: 4569: 4568: 4567: 4560: 4553: 4546: 4532: 4529:Hyperinflation 4525: 4518: 4517: 4516: 4502: 4495: 4488: 4481: 4474: 4467: 4460: 4452: 4449: 4448: 4441: 4440: 4433: 4426: 4418: 4409: 4408: 4406: 4401: 4396: 4391: 4386: 4381: 4376: 4373: 4372: 4368: 4367: 4362: 4352: 4347: 4341: 4340: 4339: 4337: 4331: 4330: 4328: 4327: 4320: 4315: 4310: 4305: 4300: 4295: 4290: 4285: 4280: 4275: 4270: 4265: 4260: 4255: 4250: 4245: 4240: 4235: 4230: 4225: 4220: 4215: 4210: 4205: 4200: 4195: 4190: 4185: 4180: 4175: 4170: 4165: 4160: 4155: 4150: 4145: 4140: 4135: 4130: 4125: 4120: 4115: 4110: 4105: 4100: 4095: 4090: 4085: 4080: 4075: 4070: 4065: 4060: 4055: 4050: 4045: 4040: 4035: 4030: 4025: 4020: 4015: 4010: 4005: 4000: 3995: 3990: 3984: 3982: 3976: 3973: 3972: 3970: 3969: 3964: 3959: 3954: 3949: 3944: 3939: 3938: 3937: 3927: 3926: 3925: 3915: 3910: 3905: 3904: 3903: 3893: 3888: 3883: 3882: 3881: 3880: 3879: 3869: 3864: 3849: 3844: 3839: 3834: 3829: 3824: 3819: 3814: 3809: 3807:Disequilibrium 3804: 3799: 3794: 3789: 3784: 3783: 3782: 3772: 3767: 3762: 3757: 3756: 3755: 3745: 3740: 3735: 3730: 3724: 3722: 3710: 3707: 3706: 3702: 3701: 3696: 3691: 3686: 3681: 3676: 3671: 3666: 3661: 3656: 3647: 3642: 3637: 3632: 3627: 3622: 3620:Organizational 3617: 3612: 3607: 3602: 3597: 3592: 3587: 3582: 3577: 3572: 3567: 3562: 3557: 3552: 3547: 3542: 3537: 3532: 3527: 3522: 3517: 3512: 3507: 3502: 3497: 3492: 3487: 3482: 3477: 3472: 3466: 3465: 3464: 3462: 3456: 3455: 3453: 3452: 3447: 3442: 3441: 3440: 3429: 3427: 3421: 3420: 3418: 3417: 3412: 3407: 3406: 3405: 3395: 3390: 3385: 3383:Macroeconomics 3380: 3379: 3378: 3373: 3368: 3363: 3358: 3351:Microeconomics 3347: 3345: 3339: 3338: 3331: 3330: 3323: 3316: 3308: 3302: 3301: 3294: 3293:External links 3291: 3290: 3289: 3284:978-0231084963 3283: 3266: 3261:978-1608190706 3260: 3237: 3232:978-0226213514 3231: 3211: 3206:978-1408868560 3205: 3185: 3179: 3160: 3155:978-0735222441 3154: 3128: 3125: 3122: 3121: 3096: 3083: 3056: 3045:(3): 302–314. 3029: 3022: 3000: 2973: 2964:|journal= 2919: 2890:(2): 226–274. 2870: 2856:10.3386/w24223 2833: 2824: 2816: 2794: 2785: 2776: 2769: 2751: 2744: 2722: 2697: 2666: 2636: 2627:|journal= 2604: 2595:|journal= 2572: 2547: 2512: 2505: 2497:Addison-Wesley 2493:Macroeconomics 2470: 2463: 2455:Macroeconomics 2445: 2423: 2416: 2395: 2376: 2362: 2348: 2337: 2323: 2301: 2278: 2271: 2241: 2234: 2212: 2203:|journal= 2180: 2153: 2119: 2094: 2087: 2063: 2034: 2022: 2014:Douglas Harper 2003: 1977: 1976: 1974: 1971: 1968: 1967: 1934: 1933: 1931: 1928: 1926: 1925: 1920: 1915: 1910: 1905: 1900: 1895: 1890: 1888:Hyperinflation 1885: 1880: 1875: 1870: 1864: 1863: 1862: 1846: 1843: 1818: 1815: 1797: 1794: 1789:Money creation 1776: 1773: 1756: 1753: 1739: 1736: 1710:Main article: 1707: 1704: 1702: 1699: 1681: 1678: 1562: 1559: 1551:business cycle 1539:Thomas Sargent 1514: 1511: 1479: 1476: 1445: 1442: 1440: 1437: 1410: 1407: 1397:, and also by 1384:Phillips curve 1374: 1371: 1369: 1366: 1341: 1338: 1326: 1316: 1306: 1292: 1282: 1266: 1246: 1188: 1185: 1162: 1156: 1147: 1139: 1136: 1116:Yom Kippur War 1069: 1066: 1039: 1033: 1003:Yom Kippur War 998: 995: 957: 954: 950:Phillips curve 870:inflation rate 852: 851: 849: 848: 841: 834: 826: 823: 822: 821: 820: 808: 793: 792: 789: 788: 783: 778: 776:Microeconomics 773: 772: 771: 761: 756: 750: 747: 746: 743: 742: 739: 738: 733: 728: 723: 718: 713: 708: 703: 698: 693: 691:Lawrence Klein 688: 686:Paul Samuelson 683: 678: 673: 668: 663: 658: 653: 648: 643: 641:Michał Kalecki 638: 633: 628: 623: 618: 613: 608: 603: 598: 593: 587: 582: 581: 578: 577: 574: 573: 568: 563: 561:Disequilibrium 558: 557: 556: 549:Post-Keynesian 546: 541: 540: 539: 529: 518: 517: 512: 507: 502: 497: 496: 495: 485: 480: 479: 478: 473: 459: 454: 453: 450: 449: 446: 445: 440: 435: 430: 425: 419: 417:Related fields 416: 415: 412: 411: 408: 407: 402: 397: 392: 387: 382: 381: 380: 370: 365: 360: 355: 350: 345: 343:Phillips curve 340: 335: 330: 325: 320: 314: 311: 310: 307: 306: 303: 302: 297: 292: 287: 282: 276: 273: 272: 269: 268: 265: 264: 259: 254: 249: 244: 239: 234: 229: 224: 223: 222: 212: 207: 206: 205: 195: 193:Money creation 190: 189: 188: 178: 173: 172: 171: 166: 161: 151: 149:Liquidity trap 146: 141: 136: 135: 134: 129: 119: 114: 109: 108: 107: 102: 94: 89: 84: 79: 74: 69: 67:Business cycle 64: 59: 53: 51:Basic concepts 50: 49: 46: 45: 37: 36: 34:Macroeconomics 30: 29: 15: 9: 6: 4: 3: 2: 6893: 6882: 6879: 6877: 6874: 6872: 6869: 6867: 6864: 6862: 6859: 6858: 6856: 6839: 6836: 6834: 6833:United States 6831: 6829: 6826: 6824: 6821: 6819: 6816: 6814: 6811: 6809: 6806: 6804: 6801: 6799: 6796: 6794: 6791: 6789: 6786: 6784: 6781: 6779: 6775: 6774: 6773: 6770: 6766: 6765:United States 6763: 6761: 6758: 6756: 6753: 6751: 6748: 6746: 6743: 6741: 6738: 6736: 6733: 6731: 6728: 6726: 6723: 6721: 6718: 6716: 6712: 6711: 6710: 6707: 6706: 6704: 6700: 6696: 6689: 6686: 6684: 6681: 6677: 6676:United States 6674: 6672: 6669: 6667: 6664: 6662: 6658: 6657: 6656: 6653: 6651: 6648: 6647: 6645: 6641: 6636: 6632: 6624: 6623:United States 6621: 6619: 6616: 6614: 6610: 6609: 6608: 6605: 6601: 6600:United States 6598: 6596: 6593: 6592: 6591: 6588: 6587: 6585: 6581: 6577: 6571: 6568: 6566: 6563: 6560: 6557: 6554: 6551: 6548: 6545: 6542: 6541: 6539: 6535: 6531: 6525: 6522: 6518: 6517:United States 6515: 6513: 6510: 6508: 6505: 6503: 6500: 6498: 6495: 6493: 6490: 6488: 6484: 6483: 6482: 6479: 6476: 6473: 6471: 6468: 6466: 6463: 6460: 6457: 6456: 6454: 6450: 6446: 6439: 6436: 6433: 6430: 6427: 6426:Panic of 1907 6424: 6421: 6420:Panic of 1901 6418: 6415: 6412: 6411:Panic of 1893 6409: 6406: 6405:Baring crisis 6403: 6400: 6398: 6395: 6391: 6390:United States 6388: 6386: 6382: 6381: 6380: 6377: 6376: 6374: 6370: 6365: 6361: 6354: 6351: 6348: 6347:Panic of 1866 6345: 6342: 6339: 6338:Panic of 1857 6336: 6333: 6330: 6329:Panic of 1847 6327: 6324: 6323: 6321: 6317: 6312: 6308: 6301: 6300:Panic of 1837 6298: 6295: 6292: 6289: 6288:Panic of 1825 6286: 6283: 6280: 6277: 6274: 6271: 6268: 6265: 6262: 6259: 6258:Panic of 1792 6255: 6252: 6249: 6245: 6242: 6240: 6237: 6235: 6231: 6230: 6229: 6226: 6225: 6223: 6219: 6215: 6209: 6206: 6204: 6203:Slump of 1706 6201: 6198: 6195: 6194: 6192: 6188: 6184: 6176: 6173: 6172: 6171: 6168: 6164: 6161: 6159: 6156: 6155: 6154: 6151: 6147: 6144: 6142: 6139: 6137: 6134: 6132: 6129: 6127: 6124: 6122: 6119: 6117: 6114: 6112: 6111:Balance sheet 6109: 6108: 6107: 6104: 6100: 6096: 6093: 6091: 6088: 6086: 6083: 6082: 6081: 6080:Interest rate 6078: 6074: 6071: 6069: 6066: 6064: 6061: 6060: 6059: 6056: 6052: 6049: 6047: 6044: 6042: 6039: 6037: 6034: 6032: 6028: 6025: 6023: 6020: 6018: 6015: 6013: 6010: 6009: 6008: 6004: 6001: 5999: 5996: 5992: 5989: 5987: 5984: 5982: 5979: 5977: 5974: 5972: 5969: 5967: 5964: 5962: 5959: 5958: 5957: 5953: 5950: 5949: 5946: 5942: 5938: 5934: 5927: 5922: 5920: 5915: 5913: 5908: 5907: 5904: 5891: 5887: 5884: 5880: 5877: 5873: 5870: 5866: 5865: 5862: 5855: 5851: 5848: 5844: 5841: 5837: 5833: 5829: 5826: 5822: 5819: 5815: 5811: 5807: 5802: 5798: 5795: 5791: 5788: 5784: 5783: 5781: 5777: 5773: 5769: 5765: 5761: 5757: 5753: 5749: 5745: 5742: 5738: 5734: 5730: 5726: 5722: 5719: 5715: 5712: 5708: 5705: 5701: 5698: 5694: 5690: 5686: 5683: 5679: 5675: 5671: 5668: 5664: 5661: 5657: 5654: 5650: 5647: 5643: 5639: 5635: 5631: 5627: 5624: 5620: 5617: 5613: 5610: 5606: 5605: 5603: 5599: 5595: 5586: 5582: 5579: 5575: 5572: 5568: 5565: 5561: 5558: 5554: 5551: 5547: 5544: 5540: 5537: 5533: 5530: 5526: 5523: 5519: 5516: 5512: 5509: 5505: 5502: 5498: 5495: 5491: 5488: 5487:December 2008 5484: 5481: 5480:November 2008 5477: 5474: 5470: 5467: 5463: 5462: 5460: 5456: 5455: 5453: 5449: 5445: 5437: 5433: 5430: 5426: 5423: 5419: 5415: 5411: 5408: 5404: 5401: 5397: 5394: 5390: 5387: 5383: 5380: 5376: 5372: 5368: 5364: 5360: 5356: 5352: 5349: 5345: 5342: 5338: 5335: 5331: 5328: 5324: 5321: 5317: 5313: 5309: 5306: 5302: 5299: 5295: 5291: 5287: 5284: 5280: 5276: 5272: 5269: 5265: 5262: 5258: 5255: 5251: 5248: 5244: 5240: 5236: 5232: 5228: 5225: 5221: 5218: 5214: 5210: 5206: 5202: 5198: 5195: 5191: 5188: 5184: 5181: 5177: 5173: 5169: 5165: 5161: 5160: 5158: 5154: 5149: 5145: 5137: 5133: 5130: 5126: 5123: 5119: 5115: 5111: 5107: 5103: 5100: 5096: 5093: 5089: 5086: 5082: 5078: 5074: 5073: 5071: 5067: 5063: 5056: 5052: 5049: 5045: 5044: 5042: 5038: 5034: 5027: 5026:Panic of 1930 5023: 5020: 5016: 5012: 5008: 5004: 5000: 4996: 4992: 4991: 4989: 4985: 4981: 4974: 4970: 4967: 4963: 4959: 4955: 4952: 4951:Panic of 1907 4948: 4945: 4944:Panic of 1901 4941: 4938: 4937:Panic of 1896 4934: 4930: 4926: 4923: 4919: 4916: 4915:Panic of 1893 4912: 4908: 4904: 4900: 4899:Baring crisis 4896: 4892: 4891:Arendal crash 4888: 4885: 4884:Panic of 1884 4881: 4878: 4874: 4871: 4870:Panic of 1873 4867: 4866: 4864: 4860: 4856: 4848: 4844: 4841: 4840:Panic of 1866 4837: 4834: 4833:Panic of 1857 4830: 4827: 4826:Panic of 1847 4823: 4818: 4814: 4811: 4807: 4806: 4803: 4799: 4798: 4796: 4792: 4785: 4784:Panic of 1837 4781: 4778: 4777:Panic of 1825 4774: 4771: 4770:Panic of 1819 4767: 4763: 4759: 4756: 4752: 4749: 4745: 4742: 4741:Panic of 1792 4738: 4735: 4731: 4727: 4723: 4720: 4716: 4712: 4708: 4705: 4701: 4700: 4698: 4694: 4690: 4682: 4678: 4674: 4670: 4666: 4662: 4658: 4657: 4652: 4648: 4644: 4640: 4636: 4632: 4628: 4627: 4625: 4621: 4617: 4609: 4605: 4604: 4602: 4600: 4595: 4588: 4584: 4581: 4580:Social crisis 4577: 4574: 4573:Minsky moment 4570: 4565: 4561: 4558: 4554: 4551: 4547: 4544: 4540: 4539: 4537: 4533: 4530: 4526: 4523: 4519: 4514: 4510: 4509: 4507: 4503: 4500: 4499:Energy crisis 4496: 4493: 4489: 4486: 4482: 4479: 4475: 4472: 4471:Credit crunch 4468: 4465: 4461: 4458: 4454: 4453: 4450: 4446: 4439: 4434: 4432: 4427: 4425: 4420: 4419: 4416: 4405: 4402: 4400: 4397: 4395: 4392: 4390: 4387: 4385: 4382: 4380: 4377: 4374: 4366: 4363: 4360: 4356: 4353: 4351: 4348: 4346: 4343: 4342: 4338: 4336: 4332: 4326: 4325: 4321: 4319: 4316: 4314: 4311: 4309: 4306: 4304: 4301: 4299: 4296: 4294: 4291: 4289: 4286: 4284: 4281: 4279: 4276: 4274: 4271: 4269: 4266: 4264: 4261: 4259: 4256: 4254: 4251: 4249: 4246: 4244: 4241: 4239: 4236: 4234: 4231: 4229: 4226: 4224: 4221: 4219: 4216: 4214: 4211: 4209: 4206: 4204: 4201: 4199: 4196: 4194: 4191: 4189: 4186: 4184: 4181: 4179: 4176: 4174: 4171: 4169: 4166: 4164: 4161: 4159: 4156: 4154: 4151: 4149: 4146: 4144: 4141: 4139: 4136: 4134: 4131: 4129: 4126: 4124: 4121: 4119: 4116: 4114: 4111: 4109: 4106: 4104: 4101: 4099: 4096: 4094: 4091: 4089: 4086: 4084: 4081: 4079: 4076: 4074: 4071: 4069: 4066: 4064: 4061: 4059: 4056: 4054: 4051: 4049: 4046: 4044: 4041: 4039: 4036: 4034: 4031: 4029: 4026: 4024: 4021: 4019: 4016: 4014: 4011: 4009: 4006: 4004: 4001: 3999: 3996: 3994: 3991: 3989: 3988:de Mandeville 3986: 3985: 3983: 3979: 3974: 3968: 3965: 3963: 3960: 3958: 3955: 3953: 3950: 3948: 3945: 3943: 3940: 3936: 3933: 3932: 3931: 3930:New classical 3928: 3924: 3921: 3920: 3919: 3916: 3914: 3911: 3909: 3906: 3902: 3899: 3898: 3897: 3894: 3892: 3889: 3887: 3886:Malthusianism 3884: 3878: 3875: 3874: 3873: 3870: 3868: 3865: 3862: 3858: 3855: 3854: 3853: 3850: 3848: 3847:Institutional 3845: 3843: 3840: 3838: 3835: 3833: 3830: 3828: 3825: 3823: 3820: 3818: 3815: 3813: 3810: 3808: 3805: 3803: 3800: 3798: 3795: 3793: 3790: 3788: 3785: 3781: 3778: 3777: 3776: 3773: 3771: 3768: 3766: 3763: 3761: 3758: 3754: 3751: 3750: 3749: 3746: 3744: 3741: 3739: 3736: 3734: 3731: 3729: 3726: 3725: 3723: 3718: 3713: 3708: 3700: 3697: 3695: 3692: 3690: 3687: 3685: 3682: 3680: 3677: 3675: 3672: 3670: 3667: 3665: 3662: 3660: 3657: 3655: 3651: 3650:Public choice 3648: 3646: 3643: 3641: 3638: 3636: 3633: 3631: 3628: 3626: 3625:Participation 3623: 3621: 3618: 3616: 3613: 3611: 3608: 3606: 3603: 3601: 3598: 3596: 3593: 3591: 3588: 3586: 3585:Institutional 3583: 3581: 3578: 3576: 3573: 3571: 3568: 3566: 3563: 3561: 3558: 3556: 3553: 3551: 3548: 3546: 3543: 3541: 3538: 3536: 3535:Expeditionary 3533: 3531: 3528: 3526: 3525:Environmental 3523: 3521: 3518: 3516: 3513: 3511: 3508: 3506: 3503: 3501: 3498: 3496: 3493: 3491: 3488: 3486: 3483: 3481: 3478: 3476: 3473: 3471: 3468: 3467: 3463: 3461: 3457: 3451: 3448: 3446: 3443: 3439: 3436: 3435: 3434: 3431: 3430: 3428: 3426: 3422: 3416: 3413: 3411: 3408: 3404: 3401: 3400: 3399: 3396: 3394: 3391: 3389: 3386: 3384: 3381: 3377: 3374: 3372: 3369: 3367: 3364: 3362: 3359: 3357: 3354: 3353: 3352: 3349: 3348: 3346: 3344: 3340: 3336: 3329: 3324: 3322: 3317: 3315: 3310: 3309: 3306: 3300: 3297: 3296: 3286: 3280: 3276: 3272: 3267: 3263: 3257: 3253: 3249: 3245: 3244: 3238: 3234: 3228: 3224: 3220: 3216: 3212: 3208: 3202: 3198: 3194: 3190: 3186: 3182: 3176: 3172: 3168: 3167: 3161: 3157: 3151: 3147: 3146:Penguin Press 3143: 3139: 3135: 3131: 3130: 3110: 3106: 3100: 3093: 3087: 3079: 3075: 3071: 3067: 3060: 3052: 3048: 3044: 3040: 3033: 3025: 3019: 3014: 3013: 3004: 2988: 2984: 2977: 2969: 2956: 2937: 2930: 2923: 2915: 2911: 2906: 2901: 2897: 2893: 2889: 2885: 2881: 2874: 2866: 2862: 2857: 2852: 2848: 2844: 2837: 2828: 2819: 2817:0-333-57764-7 2813: 2809: 2805: 2798: 2789: 2780: 2772: 2766: 2762: 2755: 2747: 2741: 2737: 2736:Prentice Hall 2733: 2726: 2718: 2714: 2710: 2709: 2701: 2685: 2681: 2680:Time Magazine 2677: 2670: 2654: 2650: 2649:Time Magazine 2646: 2640: 2632: 2619: 2608: 2600: 2587: 2576: 2568: 2561: 2554: 2552: 2543: 2539: 2535: 2531: 2527: 2523: 2516: 2508: 2506:0-201-54392-3 2502: 2498: 2494: 2489: 2484: 2483:Bernanke, Ben 2480: 2474: 2466: 2460: 2456: 2449: 2441: 2434: 2427: 2419: 2413: 2409: 2402: 2400: 2391: 2387: 2380: 2372: 2366: 2358: 2352: 2346: 2341: 2333: 2327: 2311: 2305: 2289: 2282: 2274: 2268: 2264: 2260: 2256: 2254: 2245: 2237: 2235:0-393-95398-X 2231: 2227: 2223: 2216: 2208: 2195: 2184: 2169:on 9 May 2008 2168: 2164: 2157: 2149: 2145: 2141: 2137: 2133: 2126: 2124: 2115: 2111: 2110: 2105: 2098: 2090: 2084: 2080: 2076: 2075: 2067: 2058: 2054: 2050: 2043: 2041: 2039: 2031: 2026: 2019: 2016:, Historian. 2015: 2012: 2007: 1992: 1988: 1982: 1978: 1965: 1961: 1960:Irving Fisher 1957: 1953: 1949: 1945: 1939: 1935: 1924: 1921: 1919: 1916: 1914: 1911: 1909: 1906: 1904: 1901: 1899: 1898:Shrinkflation 1896: 1894: 1891: 1889: 1886: 1884: 1881: 1879: 1876: 1874: 1871: 1869: 1866: 1865: 1860: 1854: 1849: 1842: 1840: 1835: 1831: 1827: 1822: 1814: 1812: 1808: 1803: 1793: 1790: 1786: 1782: 1772: 1770: 1769:bracket creep 1765: 1761: 1752: 1750: 1746: 1735: 1731: 1729: 1725: 1721: 1718: 1713: 1698: 1694: 1692: 1688: 1676: 1671: 1667: 1662: 1658: 1653: 1649: 1644: 1642: 1641: 1636: 1630: 1627: 1623: 1618: 1616: 1612: 1608: 1602: 1600: 1599: 1594: 1593: 1588: 1584: 1580: 1576: 1572: 1568: 1558: 1556: 1552: 1548: 1544: 1540: 1536: 1530: 1528: 1524: 1523:New Classical 1520: 1510: 1507: 1503: 1499: 1495: 1491: 1490:Richard Nixon 1485: 1475: 1474:stagflation. 1471: 1467: 1465: 1460: 1456: 1452: 1439:Supply theory 1436: 1434: 1430: 1426: 1422: 1420: 1416: 1406: 1404: 1403:New Keynesian 1400: 1399:Edmund Phelps 1396: 1392: 1387: 1385: 1380: 1365: 1361: 1359: 1355: 1350: 1346: 1340:Other reasons 1334:exchange rate 1333: 1324:exchange rate 1323: 1314:exchange rate 1313: 1303: 1299: 1290:exchange rate 1289: 1280: 1279:exchange rate 1277: 1273: 1263: 1259: 1253: 1244: 1240: 1238: 1234: 1230: 1226: 1222: 1221:Gold standard 1218: 1214: 1210: 1201: 1193: 1184: 1182: 1178: 1169: 1154: 1144: 1138:Excess demand 1135: 1133: 1129: 1125: 1124:Richard Nixon 1121: 1117: 1113: 1109: 1105: 1101: 1097: 1093: 1089: 1085: 1081: 1075: 1065: 1061: 1059: 1055: 1051: 1031: 1025: 1021: 1017: 1012: 1008: 1004: 994: 990: 987: 976: 968: 963: 953: 951: 947: 943: 939: 935: 934: 929: 928: 927:The Economist 921: 916: 914: 910: 906: 902: 898: 897: 892: 891: 885: 883: 879: 875: 871: 867: 863: 859: 847: 842: 840: 835: 833: 828: 827: 825: 824: 819: 814: 809: 807: 797: 796: 795: 794: 787: 784: 782: 779: 777: 774: 770: 767: 766: 765: 762: 760: 757: 755: 752: 751: 745: 744: 737: 734: 732: 729: 727: 724: 722: 719: 717: 714: 712: 711:Peter Diamond 709: 707: 704: 702: 699: 697: 696:Edmund Phelps 694: 692: 689: 687: 684: 682: 679: 677: 674: 672: 671:Richard Stone 669: 667: 664: 662: 659: 657: 656:Joan Robinson 654: 652: 651:Simon Kuznets 649: 647: 646:Gunnar Myrdal 644: 642: 639: 637: 634: 632: 629: 627: 624: 622: 621:Irving Fisher 619: 617: 616:Knut Wicksell 614: 612: 609: 607: 604: 602: 599: 597: 594: 592: 589: 588: 585: 580: 579: 572: 569: 567: 564: 562: 559: 555: 552: 551: 550: 547: 545: 542: 538: 535: 534: 533: 530: 528: 525: 524: 523: 522: 516: 513: 511: 508: 506: 503: 501: 498: 494: 491: 490: 489: 488:New classical 486: 484: 481: 477: 474: 472: 469: 468: 467: 464: 463: 462: 457: 452: 451: 444: 441: 439: 436: 434: 431: 429: 426: 424: 421: 420: 414: 413: 406: 403: 401: 398: 396: 393: 391: 388: 386: 383: 379: 376: 375: 374: 371: 369: 366: 364: 361: 359: 356: 354: 351: 349: 346: 344: 341: 339: 336: 334: 331: 329: 326: 324: 321: 319: 316: 315: 309: 308: 301: 298: 296: 293: 291: 288: 286: 283: 281: 278: 277: 271: 270: 263: 260: 258: 255: 253: 250: 248: 245: 243: 242:Shrinkflation 240: 238: 235: 233: 230: 228: 225: 221: 218: 217: 216: 213: 211: 208: 204: 201: 200: 199: 196: 194: 191: 187: 184: 183: 182: 179: 177: 174: 170: 167: 165: 162: 160: 157: 156: 155: 152: 150: 147: 145: 142: 140: 139:Interest rate 137: 133: 130: 128: 125: 124: 123: 120: 118: 115: 113: 110: 106: 103: 101: 98: 97: 96:Expectations 95: 93: 90: 88: 85: 83: 80: 78: 75: 73: 70: 68: 65: 63: 60: 58: 55: 54: 48: 47: 43: 39: 38: 35: 32: 31: 27: 23: 22: 19: 6881:Unemployment 6750:South Africa 6579: 6507:South Africa 6353:Black Friday 6170:Unemployment 6135: 6027:Money supply 6022:Disinflation 5966:General glut 5473:October 2008 5355:Samba effect 5211:(1987–2000s) 5106:Steel crisis 5065: 4929:Black Monday 4907:Encilhamento 4847:Black Friday 4654: 4610:(235–284 CE) 4478:Credit cycle 4399:Publications 4355:Publications 4322: 3918:Neoclassical 3908:Mercantilism 3817:Evolutionary 3679:Sociological 3652: / 3550:Geographical 3530:Evolutionary 3505:Digitization 3470:Agricultural 3433:Econometrics 3361:Price theory 3273:. New York: 3270: 3246:. New York: 3242: 3218: 3195:. New York: 3192: 3165: 3144:. New York: 3141: 3112:. Retrieved 3108: 3099: 3086: 3069: 3065: 3059: 3042: 3038: 3032: 3011: 3003: 2991:. Retrieved 2986: 2976: 2955:cite journal 2943:. Retrieved 2936:the original 2922: 2905:10419/157771 2887: 2883: 2873: 2846: 2836: 2827: 2803: 2797: 2788: 2779: 2760: 2754: 2731: 2725: 2712: 2706: 2700: 2688:. Retrieved 2684:the original 2679: 2669: 2657:. Retrieved 2653:the original 2648: 2639: 2618:cite journal 2607: 2586:cite journal 2575: 2566: 2528:(1–2): 1–8. 2525: 2521: 2515: 2492: 2479:Abel, Andrew 2473: 2454: 2448: 2439: 2426: 2407: 2389: 2379: 2365: 2351: 2340: 2326: 2314:. Retrieved 2310:"Suez Canal" 2304: 2292:. Retrieved 2281: 2258: 2252: 2244: 2221: 2215: 2194:cite journal 2183: 2171:. Retrieved 2167:the original 2156: 2139: 2135: 2109:The Guardian 2107: 2097: 2073: 2066: 2025: 2006: 1994:. Retrieved 1991:Investopedia 1990: 1981: 1938: 1893:Inflationism 1839:natural rate 1826:Paul Volcker 1823: 1820: 1799: 1778: 1758: 1741: 1732: 1715: 1695: 1683: 1673: 1669: 1664: 1660: 1655: 1651: 1646: 1638: 1631: 1619: 1603: 1596: 1595:or also the 1590: 1583:unemployment 1567:neoclassical 1564: 1543:Robert Barro 1535:Robert Lucas 1531: 1516: 1513:Recent views 1487: 1472: 1468: 1464:supply curve 1455:supply shock 1447: 1444:Fundamentals 1423: 1412: 1388: 1376: 1362: 1351: 1347: 1343: 1235:became very 1206: 1174: 1104:Soviet Union 1086:invaded the 1077: 1068:Supply shock 1062: 1054:price of oil 1050:supply shock 1047: 991: 985: 983: 946:World War II 931: 925: 923: 918: 903:, a British 901:Iain Macleod 894: 888: 886: 878:unemployment 865: 861: 855: 731:Paul Krugman 676:Hyman Minsky 636:Alvin Hansen 520: 519: 460: 423:Econometrics 400:Overshooting 353:Harrod–Domar 348:Arrow–Debreu 295:Central bank 262:Unemployment 252:Supply shock 246: 210:Money supply 87:Disinflation 82:Demand shock 18: 6818:New Zealand 6776:2020–2022; 6740:New Zealand 6713:2007–2009; 6659:1990–1991; 6643:(1982–2007) 6611:1980–1982; 6583:(1973–1982) 6561:(1957–1958) 6555:(1953–1954) 6549:(1948–1949) 6537:(1945–1973) 6502:New Zealand 6485:1929–1939; 6461:(1918–1919) 6452:(1918–1939) 6434:(1910–1912) 6428:(1907–1908) 6422:(1902–1904) 6413:(1893–1897) 6407:(1890–1891) 6383:1873–1879; 6372:(1870–1914) 6355:(1869–1870) 6349:(1865–1867) 6340:(1857–1858) 6331:(1847–1848) 6319:(1840–1870) 6290:(1825–1826) 6281:(1815–1821) 6266:(1796–1799) 6260:(1789–1793) 6232:1772–1774; 6221:(1760–1840) 6199:(1430–1490) 6197:Great Slump 6190:(1000–1760) 6136:Stagflation 6095:Yield curve 6041:Price level 5750:(2017–2018) 5735:(2016–2022) 5691:(2014–2022) 5451:(2007–2009) 5416:(2003–2008) 5365:(2000–2004) 5314:(1994–1996) 5292:(1992–1994) 5277:(1991–2000) 5241:(1990–1992) 5233:(1990–1992) 5203:(1986–1995) 5166:(1982–1994) 5156:(1982–2007) 5138:(1980–1982) 5116:(1975–1982) 5108:(1973–1982) 5079:(1973–1980) 5069:(1973–1982) 5040:(1945–1973) 5005:(1921–1923) 4997:(1917–1924) 4987:(1918–1939) 4909:(1890–1893) 4862:(1870–1914) 4804:(1845–1856) 4764:(1815–1816) 4713:(1769–1784) 4696:(1760–1840) 4659:(1621–1623) 4641:(1544–1551) 4623:(1000–1760) 4522:Flash crash 4492:Debt crisis 4193:von Neumann 3962:Supply-side 3947:Physiocracy 3891:Marginalism 3580:Information 3520:Engineering 3500:Development 3495:Demographic 3366:Game theory 3343:Theoretical 3250:. pp. 3221:. Chicago: 2993:22 February 2987:Mises Daily 2255:Inflation?" 2226:W.W. Norton 2142:(1): 1–28. 1802:Jane Jacobs 1484:Nixon Shock 1415:demand-pull 1120:Oil embargo 1080:Six-Day War 1074:Nixon Shock 1024:Brent Crude 1007:Six-Day War 986:stagflation 862:stagflation 611:Léon Walras 505:Supply-side 338:Accelerator 247:Stagflation 232:Price level 127:Demand-pull 6855:Categories 6783:Bangladesh 6720:Bangladesh 6364:Gilded Age 6116:Depression 6068:Stagnation 4543:Accounting 4350:Economists 4223:Schumacher 4128:Schumpeter 4098:von Wieser 4018:von Thünen 3978:Economists 3877:Circuitism 3842:Humanistic 3837:Historical 3812:Ecological 3802:Democratic 3775:Chartalism 3765:Behavioral 3728:Mainstream 3689:Statistics 3684:Solidarity 3605:Managerial 3570:Humanistic 3565:Historical 3510:Ecological 3475:Behavioral 3197:Bloomsbury 3072:(3): 312. 3023:0394480473 2488:"Chap. 11" 2464:013013306X 2173:24 January 2051:(Report). 1973:References 1944:Adam Smith 1807:Adam Smith 1579:employment 1527:monetarist 1488:Following 1393:economist 1391:monetarist 1330: USD/ 1320: USD/ 1310: USD/ 1286: USD/ 1219:, and the 1098:President 1092:Suez Canal 1072:See also: 1001:See also: 960:See also: 913:Parliament 890:stagnation 666:John Hicks 596:Adam Smith 554:Circuitism 544:Ecological 532:Chartalism 483:Monetarism 461:Mainstream 358:Solow–Swan 333:Multiplier 290:Commercial 186:Endogenous 144:Investment 6871:Inflation 6823:Singapore 6778:Australia 6755:Sri Lanka 6715:Australia 6661:Australia 6487:Australia 6477:1926–1927 6474:1923–1924 6440:(1913–14) 6416:1899–1900 6272:1807–1810 6269:1802–1804 6250:1785–1788 6175:Sahm rule 6106:Recession 6007:Inflation 6003:Deflation 5801:Recession 4794:1840–1870 4268:Greenspan 4233:Samuelson 4213:Galbraith 4183:Tinbergen 4123:von Mises 4118:Heckscher 4078:Edgeworth 3957:Stockholm 3952:Socialist 3852:Keynesian 3832:Happiness 3792:Classical 3753:Mutualism 3748:Anarchist 3733:Heterodox 3630:Personnel 3590:Knowledge 3555:Happiness 3545:Financial 3515:Education 3490:Democracy 3425:Empirical 3335:Economics 2865:158727572 2808:Macmillan 2542:153453023 2316:27 August 2294:27 August 1948:Karl Marx 1878:Deflation 1868:Biflation 1834:recession 1817:Responses 1811:Karl Marx 1785:ex nihilo 1565:A purely 1555:oil price 1547:Keynesian 1519:Keynesian 1379:Keynesian 1160: CPI 984:The term 896:inflation 858:economics 764:Economics 606:Karl Marx 521:Heterodox 500:Stockholm 466:Keynesian 237:Recession 132:Cost-push 122:Inflation 77:Deflation 6808:Malaysia 6793:Botswana 6745:Pakistan 6735:Malaysia 6239:Scotland 6099:Inverted 6063:Recovery 4457:Bank run 4379:Category 4359:journals 4345:Glossary 4298:Stiglitz 4263:Rothbard 4243:Buchanan 4228:Friedman 4218:Koopmans 4208:Leontief 4188:Robinson 4073:Marshall 3923:Lausanne 3827:Georgism 3822:Feminist 3770:Buddhist 3760:Austrian 3659:Regional 3635:Planning 3610:Monetary 3540:Feminist 3485:Cultural 3480:Business 3217:(2009). 3191:(2017). 3140:(2018). 2914:55578813 2485:(1995). 2390:livemint 2114:Archived 1845:See also 1657:balance. 1302:inverted 1262:floating 1237:volatile 1096:Egyptian 933:Newsweek 748:See also 527:Austrian 285:Monetary 274:Policies 105:Rational 100:Adaptive 26:a series 24:Part of 6813:Namibia 6401:1887–88 6343:1860–61 6334:1853–54 6325:1845–46 6296:1833–34 6293:1828–29 6284:1822–23 6234:England 6126:Rolling 6012:Chronic 4557:Funding 4550:Capital 4394:Outline 4365:Schools 4357: ( 4318:Piketty 4313:Krugman 4178:Kuznets 4168:Kalecki 4143:Polanyi 4033:Cournot 4028:Bastiat 4013:Ricardo 4003:Malthus 3993:Quesnay 3896:Marxian 3787:Chicago 3717:history 3712:Schools 3699:Welfare 3669:Service 3460:Applied 3252:118–237 3094:, p. 1) 2442:(2389). 2148:2726607 1687:neutral 1587:Nominal 1260:before 1132:embargo 769:Applied 566:Marxian 456:Schools 6838:Zambia 6798:Canada 6788:Belize 6725:Canada 6690:(2001) 6666:Canada 6613:Canada 6492:Canada 6163:Supply 6158:Demand 6131:Shapes 6121:Global 6031:demand 5956:Supply 5727:(2016) 5373:(2001) 5357:(1999) 5174:(1982) 5013:(1927) 4960:(1910) 4931:(1894) 4901:(1890) 4893:(1886) 4849:(1869) 4683:(1720) 4675:(1720) 4667:(1637) 4564:Market 4303:Thaler 4283:Ostrom 4278:Becker 4273:Sowell 4253:Baumol 4158:Myrdal 4153:Sraffa 4148:Frisch 4138:Knight 4133:Keynes 4108:Fisher 4103:Veblen 4088:Pareto 4068:Menger 4063:George 4058:Jevons 4053:Walras 4043:Gossen 3967:Thermo 3645:Public 3640:Policy 3595:Labour 3560:Health 3281: 3258: 3229: 3203: 3177: 3152: 3020: 2945:30 May 2912: 2863: 2814: 2767: 2742: 2690:24 May 2659:24 May 2540: 2503: 2461: 2414: 2269: 2232: 2146: 2085: 2057:315180 2055: 1996:11 May 1962:, and 1691:sticky 1581:, and 1575:output 1541:, and 1525:, and 1328: 1318: 1308: 1300:/USD ( 1296: 1294: 1284: 1270: 1268: 1254:(DXY) 1250: 1248: 1225:pegged 1181:dovish 1166: 1164: 1158: 1151: 1149: 1094:, the 1084:Israel 1041: 1035: 1009:, and 997:Causes 584:People 312:Models 280:Fiscal 257:Saving 117:Growth 6803:India 6730:India 6497:India 6153:Shock 5971:Model 4389:Lists 4384:Index 4335:Lists 4308:Hoppe 4293:Lucas 4258:Solow 4248:Arrow 4238:Simon 4203:Lange 4198:Hicks 4173:Röpke 4163:Hayek 4113:Pigou 4083:Clark 3998:Smith 3913:Mixed 3872:Post- 3694:Urban 3674:Socio 3664:Rural 3114:1 May 2939:(PDF) 2932:(PDF) 2910:S2CID 2861:S2CID 2563:(PDF) 2538:S2CID 2436:(PDF) 2144:JSTOR 1930:Notes 1217:float 1128:OAPEC 920:made. 405:NAIRU 323:AD–AS 318:IS–LM 181:Money 6543:1945 6275:1812 5939:and 5935:and 5494:2009 4599:1000 4597:Pre- 4324:more 4048:Marx 4038:Mill 4023:List 3901:Neo- 3857:Neo- 3279:ISBN 3256:ISBN 3227:ISBN 3201:ISBN 3175:ISBN 3150:ISBN 3116:2023 3109:NBER 3018:ISBN 2995:2011 2968:help 2947:2018 2812:ISBN 2765:ISBN 2740:ISBN 2719:: 4. 2692:2010 2661:2010 2631:help 2599:help 2501:ISBN 2459:ISBN 2412:ISBN 2318:2022 2296:2022 2267:ISBN 2230:ISBN 2207:help 2175:2008 2083:ISBN 2053:SSRN 1998:2024 1722:and 1571:real 1502:OPEC 1231:and 1229:gold 1168:Core 893:and 864:(or 471:Neo- 378:DSGE 72:CAGR 4288:Sen 4008:Say 3867:New 3600:Law 3074:doi 3047:doi 2900:hdl 2892:doi 2851:doi 2530:doi 2253:and 1771:). 1747:'s 1459:oil 1332:CHF 1322:SEK 1312:JPY 1298:EUR 1276:GBP 1272:USD 1233:oil 1170:CPI 856:In 476:New 220:SNA 169:NNI 164:GNI 159:GDP 6857:: 3254:. 3173:. 3169:. 3136:; 3107:. 3070:54 3068:. 3043:54 3041:. 2985:. 2959:: 2957:}} 2953:{{ 2908:. 2898:. 2886:. 2882:. 2859:. 2849:. 2845:. 2713:26 2711:. 2678:. 2673:( 2647:. 2622:: 2620:}} 2616:{{ 2590:: 2588:}} 2584:{{ 2565:. 2550:^ 2536:. 2526:36 2524:. 2499:. 2491:. 2481:; 2438:. 2398:^ 2388:. 2257:. 2228:. 2198:: 2196:}} 2192:{{ 2140:26 2138:. 2134:. 2122:^ 2112:. 2106:. 2037:^ 1989:. 1958:, 1954:, 1950:, 1946:, 1809:, 1751:. 1601:. 1577:, 1537:, 1521:, 1466:. 1360:. 1106:, 1005:, 860:, 28:on 6637:/ 6366:/ 6313:/ 6256:/ 6097:/ 6029:/ 6005:/ 5954:/ 5925:e 5918:t 5911:v 5150:/ 4437:e 4430:t 4423:v 4361:) 3863:) 3859:( 3719:) 3715:( 3327:e 3320:t 3313:v 3287:. 3264:. 3235:. 3209:. 3183:. 3158:. 3118:. 3090:( 3080:. 3076:: 3053:. 3049:: 3026:. 2997:. 2970:) 2966:( 2949:. 2916:. 2902:: 2894:: 2888:8 2867:. 2853:: 2820:. 2773:. 2748:. 2694:. 2663:. 2633:) 2629:( 2601:) 2597:( 2569:. 2544:. 2532:: 2509:. 2467:. 2420:. 2392:. 2359:. 2334:. 2320:. 2298:. 2275:. 2238:. 2209:) 2205:( 2177:. 2150:. 2091:. 2059:. 2000:. 1274:/ 845:e 838:t 831:v

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.