The 1970s experienced a period of stagflation, which is characterized by high inflation and stagnant economic growth. The result was an erosion of real disposable income, despite nominal wage increases. The oil crises of 1973 and 1979 led to skyrocketing energy prices, contributing to inflation and reducing disposable income.
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Source:www.forbes.com
Original Image Link
Source:www.forbes.com
Posted: 2024-09-30 04:30:00