The Defining Macro Economic Event of the First Half of the 20th Century

The defining macro economic event of hefirst half of the twentieth century was the great depression. Inflation wasn't a problem during the depression, but one quarter of workers were jobless at one point. The relationship is represented by what's called the phillips curve. But the great inflation proved that inflation and unemployment arnt always inversely related. You can have a lot of both at the same time. And there are theories on why. For example, average ages in developed countries are rising,. Older workers spend less than younger ones and save more., skewing demand toward financial assets rather than consumer goods.