Watch the above videos.
What factors contributed to the stagflation of the 1970s?
How did Volker deal with the high inflation?
Did high oil prices cause the stagflation or was it something else?
Is the Fed independent? If so, how do our leaders ensure they maintain the best interests of the public?
How does Milton Friedman establish his view that inflation is a monetary issue?
According to Friedman, do trade unions cause inflation by pushing up wages and the cost of production?
After you post your narrative, reply to at least two other student’s comments. Explain why you agree, or better
yet, find others that take a different position and explain why you disagree.
Video 1 – https://www.youtube.com/watch?v=SdK_Li6FCic
Video 2 – https://www.youtube.com/watch?v=qQjAbHR40nk