# 1970s energy crisis


## https://en.wikipedia.org/wiki/1970s_energy_crisis

[The stagflation of the 1970s also forced a major rethink.](https://www.nytimes.com/2022/02/08/opinion/economic-theory-monetary-policy.html) Persistent inflation despite high unemployment seemed to provide a spectacular vindication for the argument of Milton Friedman and Edmund Phelps that sustained inflation would get built into wage- and price-setting — not an entirely new idea but one that became part of the canon.

Conversely, the Volcker recession of the 1980s refuted some of the popular economic models of the 1970s.

## https://en.wikipedia.org/wiki/1973_oil_crisis

## https://en.wikipedia.org/wiki/1979_oil_crisis



# Parents

* Crisis Time - T&M
* Inflation - 2021-2031