Keynesian economics dominated economic theory and policy after World War II until the 1970s, when many advanced economies suffered both inflation and slow growth, a condition dubbed “stagflation.” ...

Stagflation combines stagnant economic growth, high unemployment, and persistent inflation. It defies traditional economic models, which typically show inflation rising during strong economic growth ...

Aghion, Philippe and Durlauf, Steven N. (2005). Handbook of Economic Growth. North-Holland, Amsterdam. Friedman, Benjamin M. (2005). The moral consequences of ...

But the monetarist challenge to the traditional Keynesian theory strengthened during the 1970s, a decade characterized by high and rising inflation and slow economic growth. Keynesian theory had no ...

the sources of growth or the role of money) and resolved them in the context of the economic conditions of their own time and place; and use theories about scientific change to understand the longer ...