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The final programme in the course looks at the modern phenomenon of stagflation. That is, when the economy exhibits both inflation and unemployment at the same time. This is contrary to the view of the economy which sees both inflation and unemployment as results of the total demand. Hence, when demand goes up, inflation may worsen but unemployment should fall and vice versa. In this programme, three distinguished economists are invited to analyse and interpret stagflation from their own particular viewpoints.
Metadata describing this Open University video programme
Module code and title: D284, National income and economic policy
Item code: D284; 08
First transmission date: 10-10-1979
Published: 1979
Rights Statement:
Restrictions on use:
Duration: 00:24:35
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Producer: Roger Penfound
Contributors: F S Brooman; John Fleming; Maurice Peston; Terry Ward
Publisher: BBC Open University
Keyword(s): Inflation; Keynesianism; Macro economics; Stagflation
Footage description: The programme begins with a brief description of the economic conditions which create stagflation, rising unemployment and rising inflation. Derrick Brooman then opens the programme which consists of three economists giving their ideas about the causes of stagflation and the best way in which to remove it from the economy. First of all Maurice Peston, of Queen Mary College, gives his views about stagflation. He represents the mainstream Keynesian approach to the problem. Terry Ward, a member of the Cambridge Economic Policy Group, describes his approach to the problem, arguing that Keynesian demand management policies, by themselves, are not sufficient to secure full employment in an economy with balance of payments problems, and that high levels of employment are perfectly compatible with low inflation. Finally John Fleming, of Nuffield College Oxford, gives his analysis of stagflation. His interpretation relies more upon the monetarist approach towards economic management, than the two other contributors.
Production number: FOUD036J
Videofinder number: 160
Available to public: no