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Inflation, Recession, and Stagflation

Gerald P. O’Driscoll, Sudha R. Shenoy

Abstract

We begin'by referring to what is possible the major macroeconomic problem - both for analysis and for policy - facing the Western economics today; namely, the reasons why the supposedly mild inflations of the two decades following the Second World War, have now turned into the far more intractable "stagflation" besetting theorist and policy-maker alike.

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Key concepts: Stagflation, Keynesian economics, Recession, Economics, Inflation (cosmology), Macroeconomics, Monetary policy, Physics