Economy

No, we won’t be returning to 1970s-style stagflation: Alexander

Jenny Ruth
Thu, 28 Jul 2022

No, we won’t be returning to 1970s-style stagflation: Alexander
Economist Tony Alexander says oil prices haven't risen nearly as much as in the 1970s. (Image: NZ Herald)
Jenny Ruth
Thu, 28 Jul 2022
The rise in oil prices after economies came out of lockdown and because of Russia’s invasion of Ukraine has been nothing like the magnitude of the 1970s oil price shock, said economist Tony Alexander.Oil prices quadrupled in 1973-74 and then doubled again later in the decade,“Nothing remotely approaching that has happened this time,” Alexander said in his latest Tony’s View newsletter.As well, the global economy is far less dependent on oil per unit of output than it was back in the 1970s.But this is just one of a number...

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