Jennifer Burns

Then, you know, people eventually, the wages will go up too high and they will no longer be hireable or companies will decide at these high wages, I can't hire as many workers. I'd better lay off. So if inflation keeps going, eventually over the long term, it will result in high unemployment.

Then, you know, people eventually, the wages will go up too high and they will no longer be hireable or companies will decide at these high wages, I can't hire as many workers. I'd better lay off. So if inflation keeps going, eventually over the long term, it will result in high unemployment.

Then, you know, people eventually, the wages will go up too high and they will no longer be hireable or companies will decide at these high wages, I can't hire as many workers. I'd better lay off. So if inflation keeps going, eventually over the long term, it will result in high unemployment.

So he says, theoretically, you could end up in a situation where you have high inflation and high unemployment. This hasn't been seen, but he says, theoretically, this could happen. And then he goes and he says, and the government has started expanding the money supply, started expanding the money supply in 1966. So we're going to get a bunch of inflation.

So he says, theoretically, you could end up in a situation where you have high inflation and high unemployment. This hasn't been seen, but he says, theoretically, this could happen. And then he goes and he says, and the government has started expanding the money supply, started expanding the money supply in 1966. So we're going to get a bunch of inflation.

So he says, theoretically, you could end up in a situation where you have high inflation and high unemployment. This hasn't been seen, but he says, theoretically, this could happen. And then he goes and he says, and the government has started expanding the money supply, started expanding the money supply in 1966. So we're going to get a bunch of inflation.

And then we're going to get a bunch of unemployment. And he estimates about how long it will take. And then he says, once this all happens, it will take about 20 years to get back to normal.

And then we're going to get a bunch of unemployment. And he estimates about how long it will take. And then he says, once this all happens, it will take about 20 years to get back to normal.

And then we're going to get a bunch of unemployment. And he estimates about how long it will take. And then he says, once this all happens, it will take about 20 years to get back to normal.

Stagflation of the 1970s.

Stagflation of the 1970s.

Stagflation of the 1970s.

Yeah. And what really makes it happen is that many of the economists who most deeply dislike Friedman and most deeply dislike his politics in the 1970s, as they're running their models, they start to say Friedman's right. They start to see in the data that he's right. And a very parallel process happens in Britain. Britain is going through a very similar burst of spending, burst of inflation.

Yeah. And what really makes it happen is that many of the economists who most deeply dislike Friedman and most deeply dislike his politics in the 1970s, as they're running their models, they start to say Friedman's right. They start to see in the data that he's right. And a very parallel process happens in Britain. Britain is going through a very similar burst of spending, burst of inflation.

Yeah. And what really makes it happen is that many of the economists who most deeply dislike Friedman and most deeply dislike his politics in the 1970s, as they're running their models, they start to say Friedman's right. They start to see in the data that he's right. And a very parallel process happens in Britain. Britain is going through a very similar burst of spending, burst of inflation.

And so Friedman is vindicated in a very profound way in the way that he himself said would be the ultimate vindication, which is my theory should predict. So that prediction of stagflation is really the sort of final breakthrough of his ideas and also their importance to policy and to thinking about policy.

And so Friedman is vindicated in a very profound way in the way that he himself said would be the ultimate vindication, which is my theory should predict. So that prediction of stagflation is really the sort of final breakthrough of his ideas and also their importance to policy and to thinking about policy.

And so Friedman is vindicated in a very profound way in the way that he himself said would be the ultimate vindication, which is my theory should predict. So that prediction of stagflation is really the sort of final breakthrough of his ideas and also their importance to policy and to thinking about policy.

How we should intervene or not in the economy and what the role of the Federal Reserve is, because he's saying the Federal Reserve is incredibly powerful. And finally, people start to believe it.

How we should intervene or not in the economy and what the role of the Federal Reserve is, because he's saying the Federal Reserve is incredibly powerful. And finally, people start to believe it.