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| | |-+  The stagflation in the 1970s
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Author Topic: The stagflation in the 1970s  (Read 287 times)
buritobr
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« on: December 30, 2018, 11:25:52 am »

The annual average GDP growth of the USA in the following decades:
1950s: 3.59%
1960s: 4.27%
1970s: 3.16%
1980s: 3.33%
1990s: 3.44%
2000s: 1.75%
2010s: 2.10%

The 1970s' stagflation was much more flation than stag
GDP growth in the 1970s was lower than it was in the golden years of the 1950s and 1960s, but only slightly lower than it was in the "boom" years of the 1980s and 1990s, and much higher than it was in the 2000s and 2010s.
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136or142
Adam T
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« Reply #1 on: December 30, 2018, 01:26:24 pm »

Yes, I think the realization that the economy in the 1970s was not as badly impacted by inflation as was believed at the time and for some time after has helped lead to the return of the Keynesians as Post-Keynesians. 
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Del Tachi
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« Reply #2 on: December 30, 2018, 05:52:10 pm »

Averaging over an entire decade results in a lot of nuance being lost.  1974 and 1975 were the worst years for the U.S. economy since 1958.

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buritobr
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« Reply #3 on: January 01, 2019, 07:42:41 am »

Yes, I think the realization that the economy in the 1970s was not as badly impacted by inflation as was believed at the time and for some time after has helped lead to the return of the Keynesians as Post-Keynesians. 

Looking back, comparing to the 2000s and 2010s, it is possible to observe that the growth in the 1970s was not so bad. But people living in the 1970s, when they were comparing to the golden decades of 1950s and 1960s, they though that they were living at bad times.
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Snowguy716
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« Reply #4 on: January 01, 2019, 12:29:27 pm »

It was a combination of ending the Bretton Woods system, overspending on Vietnam, the coming of age of the Baby Boomers (who put strain on the labor market and demand for housing, etc), and of course the oil crisis.

Oil prices doubled overnight... we had “lost” in Vietnam, the postwar glow was over...the US found itself a bit aimless, as it were.  It was really a collective malaise in which the economy played only a part.
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darklordoftech
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« Reply #5 on: January 12, 2019, 02:09:42 am »

Did we ever really recover from the 1970s, or did Reagan just make us forget about our problems?
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136or142
Adam T
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« Reply #6 on: January 12, 2019, 07:49:00 am »

Did we ever really recover from the 1970s, or did Reagan just make us forget about our problems?

A lot of people who were on the bottom of the economic system are no better off than they were then.
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Could the 13th Mississippi Congressional District (MS-13) be competitive for the Democrats?
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Computer89
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« Reply #7 on: January 12, 2019, 04:58:39 pm »

Did we ever really recover from the 1970s, or did Reagan just make us forget about our problems?


Yes as 1983-2001 was the Golden Age for America
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136or142
Adam T
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« Reply #8 on: January 12, 2019, 09:00:11 pm »

Did we ever really recover from the 1970s, or did Reagan just make us forget about our problems?


Yes as 1983-2001 was the Golden Age for America

Not compared to the 1950s and 1960s.
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"Freedom just around the corner for you/but with truth so far off, what good will it do?"  Bob Dylan "Jokerman"

Could the 13th Mississippi Congressional District (MS-13) be competitive for the Democrats?
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