ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 16

and high unemployment.It's quite unusual for such event to occur in a weak economy,given the fact that in a normal market economy,tardy growth often deters inflation.It happens in a climate driven by supply constraint when central bank,through the printing of govt currency expands money supply.It also occurs when monetary policy creates credit,growing money supply and inflation.The growth in taxes and rise in interest rate apparently slows growth and promote production decline.In this context when conflicting expansionary and contractionary policies collide,plumeting growth and creating high inflation and high unemployment is popularly known as stagflation.Economists boasted it would never happen again but Zimbabwe in 2004 experienced stagflation and later beyond switched to hyperinflation.The recession of 1973-75 or stagflation was characterised with 5 consecutive quarters of negative GDP.With trippled inflation of 3.4 percent to 9.6 percent in 1973 and stood at 10percent and 12 percent between February 1974