Stagflation is about to push unemployment higher: here's what to expect

What happens when the economy stops playing by the rules?


We’re taught that inflation and unemployment move like a seesaw,
one goes up, the other goes down. But sometimes the seesaw snaps.
Prices climb and people lose jobs at the same time. 


It happened dramatically in the 1970s, and with oil prices
surging again and global tensions rising people are whispering
the word Stagnation once more. 


Guests: 


Professor Bob Gregory, one of Australia’s most influential
economists, who watched the original outbreak of stagflation
unfold and later sat on the Reserve Bank board during another era
of economic upheaval.


Gareth Hutchens, ABC business and economics reporter who has
spent years examining how these big economic shocks ripple
through everyday life.