Reagan‘s Answer To Stagflation.

For a very long time, economists believed that Stagflation could not exist. Either it was one: say high inflation. Or it was the other, low growth. But never, they thought both together.

However, that debate came to a screeching halt in the 1970s. When the American economy suffered from both barrels of the most virulent high inflation, low economic growth that the country had ever seen.