assimilated it into their macroeconomic models. The gradual emergence of stagflation and the progressive breakdown of the Phillips … factors. The cost of saving the Phillips Curve was substantial. To explain stagflation, macroeconomists resorted to …

theories relate primarily to stagflation. While most macroeconomists share a common belief in the ideal type of ‘profit …

inflation. In this post, I’m going to test Jonathan Nitzan and Shimshon Bichler’s ‘stagflation thesis’. The idea is that … ‘stagflation’ — economic stagnation combined with high inflation — is not some exogenous ‘market shock’. According to Nitzan and … Bichler, stagflation is a business strategy — one of two main routes to profit. The first route to profit is for businesses to …

little evidence for a ‘growth-inflation trade off’. Instead, ‘stagflation’ seems to be the norm. Now, the question is why …? Soon after I published ‘Is Stagflation the Norm?’ several readers pointed out that I should take a look at causation. The …