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14 pages. The stagflation of the 1970s refers to the high unemployment and high inflation rates that the United States went through during the latter part of the 1970's and the early part of the 1980's. This paper explains some of the reasons behind these troubling times and some of the possible reasons the United States was able to pull through it. Bibliography lists 8 sources.
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File: D0_JAstagfl.rtf
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the 1970s and the early part of the 1980s. This paper explains some of the reasons behind these troubling times and some of the possible reasons the United States
was able to pull through it. EXPLAINING THE ECONOMIC PROBLEMS OF THE 1970S Supply side economics, when establishing the origin of the general equilibrium model, can be considered synonymous
with Reaganomics. Supply side economics started with Says Law, a basic tenet of classical macroeconomics that states supply creates its own demand. This ties in directly with what
happened during the 1970s and early 1980s when the United States was in the throes of stagflation. It concentrates upon supply as the driving mechanism of the macro system, and
it brought into focus the idea that people worked and produced in order to consume. One of the most basic presumptions of Says Law is that the economy, if
left alone, would correct itself. In the output and employment model it was found there was little need for government intervention. The production would always generate sufficient income
to purchase the goods produced. This was because the entrepreneurs and the owners of land, labor, and capital always received in income the exact value of what was produced.
These individual factor owners would then purchase the goods that would be produced. While excess of certain goods could certainly appear, they would be short-lived because the suppliers
of these unwanted goods would be punished by falling prices for those goods. When the stagflation of the 1970s and 1980s started, there was less concern about the supply side
factors. Keynesian economics had originally developed in response to the Great Depression. Many felt that Keynes was correct in focusing attention on output and employment, as well as
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