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 …