In my first column in this series, I gave Hyman Minsky's explanation of what caused the stagflation of the 1970s—a credit bubble bursting when the economy was absolutely at its peak caused the stagnation, while high wage and oil price rises caused the inflation.
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This Ain’t Your Daddy’s Inflation Part Two
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In my first column in this series, I gave Hyman Minsky's explanation of what caused the stagflation of the 1970s—a credit bubble bursting when the economy was absolutely at its peak caused the stagnation, while high wage and oil price rises caused the inflation.