@ashiitaka said
It's pretty clear to me that this whole debate rests on different interpretations of the term "stagflation". The term was used relative to other countries at the time and the figures then cannot be compared to figures today without considering the figures of other countries or the fact that economic policy-setters targeted different things in those days.
[b]Then the pou ...[text shortened]... inflation, and it would stop increasing after a year or two as it worked its way out of the system.
Yes, I'm using the standard economic definition of "stagflation" and you are using one you have concocted on your own. Thus, it is reminiscent of Alice's exchange with Humpty Dumpty:
'And only one for birthday presents, you know. There's glory for you!'
'I don't know what you mean by "glory",' Alice said.
Humpty Dumpty smiled contemptuously. 'Of course you don't — till I tell you. I meant "there's a nice knock-down argument for you!"'
'But "glory" doesn't mean "a nice knock-down argument",' Alice objected.
'When I use a word,' Humpty Dumpty said, in rather a scornful tone, 'it means just what I choose it to mean — neither more nor less.'
'The question is,' said Alice, 'whether you can make words mean so many different things.'
'The question is,' said Humpty Dumpty, 'which is to be master — that's all.'
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