1970s Inflation: The Economic Fever That Changed America
The Marginal Revolution Podcast
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The Inflation Puzzle of the 1970s
This chapter investigates the multifaceted causes of inflation in the 1970s, emphasizing the Federal Reserve's role and the shift away from the gold standard. It critiques the prevailing economic theories of the time, especially Keynesian perspectives, while analyzing the influences of energy shocks and global competition. The discussion draws parallels between historical inflation dynamics and contemporary economic challenges, questioning the effectiveness of past and present policies.
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