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Title : What is Stagflation?
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What is Stagflation?

Anyone who lived through the economic hardships of the late 1970s is familiar with the term "stagflation," although many people not old enough to remember gas rationing amidst the Carter administration may be completely unfamiliar with the term. But given the current economic climate of fear and uncertainty, it may be time for a refresher course on the meaning of the term, what it represents, and the difficulties faced in trying to correct it.

Stagflation

The term stagflation is a combination of "economic stagnation" and "inflation," two economic phenomena that were for years thought to be contradictory. Economic stagnation is a long-term period of slow economic growth, usually less than 2 or 3% per year. On the other hand, inflation, in this situation, is taken to mean rapid devaluing of money. Money loses purchasing power, meaning that ever increasing amounts of money are required to purchase goods. One of the most famous cases of inflation was during the interwar years in Weimar Republic Germany, in which it took a wheelbarrow full of Deutschmarks to buy a loaf of bread.

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