| 单词 | stagflation |
| 释义 | stagflation The situation where a country persistently suffers from both high inflation and high unemployment. Economists at one time believed that inflation stimulated economic activity, and that high unemployment reduced inflation. If these beliefs were correct, no economy could long suffer from both at once, so stagflation would be impossible. Unfortunately, recent experience suggests that high unemployment and inflation are incompatible only in the extremely long run, if at all. |
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