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

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AVERAGE

1970s….3.23%………..1980s….3.16%

 

Yes, the 1970s had a serious problem with inflation, but that does not negate the fact that real GDP growth was actually higher in the 1970s than in the 1980s. We need  a different term to  correctly  describe the  1970s rather than stagnation.

So why do knowledgeable economist like Krugman not recognize that applying the stagnation term to the 1970s creates a false impression about our economic history.

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