Travel guides hawaii on Both Presidents John F.KENNEDY and Lyndon JOHNSON wholeheartedly adopted the Keynesian philosophy. President NIXON declared himself a Keynesian in 1971. Beginning in the 1970s, the country was hit with stagflation.
That is, a combination of stagnation and INFLATION.
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During this period, there was slow economic growth, rising prices, and rising unemployment. Economists attributed this phenomenon to an excessive expansion in the money supply coupled with sharp increase in resource costs, especially oil.
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