Editing Stagflation (section)

==Etymology==
The term, a portmanteau of ''[[Economic stagnation|stagnation]]'' and ''[[inflation]]'', is generally attributed to [[Iain Macleod]], a British [[Conservative Party (UK)|Conservative Party]] politician who became [[Chancellor of the Exchequer]] in 1970. Macleod used the word in a 1965 speech to [[Parliament of the United Kingdom|Parliament]] during a period of simultaneously high inflation and unemployment in the United Kingdom.<ref>[[Online Etymology Dictionary]] [[Douglas Harper]], Historian. http://dictionary.reference.com/browse/stagflation (accessed 5 May 2007).</ref><ref>[https://hansard.parliament.uk/Commons/1965-11-17/debates/06338c6d-ebdd-4876-a782-59cbd531a28a/EconomicAffairs?highlight=stagflation#contribution-2c3e32e7-7c5b-47b8-bfd3-16c3dbd2a001 House of Commons Official Report] (also known as Hansard), 17 November 1965, page 1,165.</ref><ref name=BankofEngland2002>{{cite report|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=315180|first1=Edward|last1=Nelson|first2=Kalin |last2=Nikolov|date=2002|title=Bank of England Working Paper|number=155|ssrn=315180}}Introduction, page 9.</ref><ref name=macroeconomics>{{cite book|first=N. Gregory|last=Mankiw|title=Principles of Macroeconomics|url=https://books.google.com/books?id=58KxPNa0hF4C&pg=PA464|date=25 September 2008|publisher=[[Cengage Learning]]|location=Boston, Massachusetts|isbn=978-0-324-58999-3|page=464}}</ref> Warning the House of Commons of the gravity of the situation, he said:

{{blockquote|We now have the worst of both worlds—not just inflation on the one side or stagnation on the other, but both of them together. We have a sort of "stagflation" situation. And history, in modern terms, is indeed being made.<ref name=BankofEngland2002/><ref name=stagflation>{{cite news|url=https://www.theguardian.com/business/2011/feb/15/inflation-q-and-a#ixzz2UgsEGuCM|archive-url=https://web.archive.org/web/20131204230532/http://www.theguardian.com/business/2011/feb/15/inflation-q-and-a#ixzz2UgsEGuCM|archive-date=4 December 2013|url-status=live|date=15 February 2011|title=Inflation: what you need to know|first=Julia|last=Kollewe|newspaper=[[The Guardian]]}}</ref>}}

Macleod used the term again on 7 July 1970, and the media began also to use it, for example in ''[[The Economist]]'' on 15 August 1970, and ''[[Newsweek]]'' on 19 March 1973. [[John Maynard Keynes]] did not use the term, but some of his work refers to the conditions that most would recognise as stagflation.