1970s stagnation
I keep seeing references to the 1970’s stagnation that reflect a consensus belief that real GDP growth in the 1970s was significantly lower in the 1970s than in the 1980s. But this is contrary to the data: REAL GDP GROWTH( % ) 1970…0.21……..1980…-0.04 1971….3.29……..1981….2.58 1972….5.25……..1982…-1.91 1973…..5,64…….1983….4.63 1974….-0.52…….1984….7.26 1975….-0.20…….1985…..4.24 1976….5.34………1986…..3.51 1977…..4.61………1987…..3.46 1978…..5.56………1988….4.20 1979……3.18………1979….3.68 […]