1970s energy crisis
https://en.wikipedia.org/wiki/1970s_energy_crisis
The stagflation of the 1970s also forced a major rethink. 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.