Why did Keynesian economics fail in the 1970s?

In the 1970s, there was a period of slow economic growth accompanied by higher inflation. Until the 1970s, many economists believed that there was a stable inverse relationship between inflation and unemployment. You can read about the Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money) in the given link.

Further readings:

  1. National Institution for Transforming India (NITI Aayog) – A Brief Overview
  2. Monetary Policy – Objectives, Roles and Instruments (UPSC Indian Economy)

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