I have an op-ed in The Drum today talking about the prospect of stagflation.
High inflation combined with a sluggish, or stagnant, economy is described as ‘stagflation’. The last time the world saw anything like this was in the 1970s.
It is the consequence of pursuing Keynesian economic policy. It should come as no surprise that the return of Keynesianism during and after the Global Financial Crisis could see the return of stagflation.