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Hearings on stagflation link inflation and unemployment
Congress joint hearings on stagflation hear that prices rise while growth slows, with economists split on a policy stance. Philip Cagan argues slackening the economy could curb inflation but needs a political consensus. Leslie Nulty rejects trade offs, proposing large public works in energy and transport. Bolling says both problems must be addressed together to avoid unrest.
MENTIONED IN THIS ARTICLE
Washington
Congress
Joint Economic Committee
Philip Cagan
Columbia University
Cagan
Richard Bolling
D-Mo