Editing Stagflation (section)

===Jane Jacobs and the influence of cities on stagflation===
In 1984, journalist and activist [[Jane Jacobs]] proposed the failure of major macroeconomic theories<ref group=notes>including those of [[Adam Smith]], [[Karl Marx]], [[John Stuart Mill]], [[John Maynard Keynes]], [[Irving Fisher]], and [[Milton Friedman]]</ref> to explain stagflation was due to their focus on the nation as the salient unit of economic analysis, rather than the city.<ref>{{cite book|last1=Jacobs|first1=Jane|title=Cities and the Wealth of Nations|date=1984|publisher=Random House|location=New York|isbn=0394480473|url-access=registration|url=https://archive.org/details/citieswealthof00jaco}}</ref> She proposed that the key to avoiding stagflation was for a nation to focus on the development of "import-replacing cities" that would experience economic ups and downs at different times, providing overall national stability and avoiding widespread stagflation. According to Jacobs, import-replacing cities are those with developed economies that balance their own production with domestic imports—so they can respond with flexibility as economic supply and demand cycles change. While lauding her originality, clarity, and consistency, urban planning scholars have criticised Jacobs for not comparing her own ideas to those of major theorists (e.g., [[Adam Smith]], [[Karl Marx]]) with the same depth and breadth they developed, as well as a lack of scholarly documentation.<ref>{{cite journal|last1=Hill|first1=David|title=Jane Jacobs' Ideas on Big, Diverse Cities: A Review and Commentary|journal=Journal of the American Planning Association|date=1988|volume=54|issue=3|pages=302–314|doi=10.1080/01944368808976491}}</ref> Despite these issues, Jacobs' work is notable for having widespread public readership and influence on decision-makers.<ref>{{cite journal|last1=Hill|first1=David|title=Jane Jacobs' Ideas on Big, Diverse Cities: A Review and Commentary|journal=Journal of the American Planning Association|date=1988|volume=54|issue=3|page=312|doi=10.1080/01944368808976491}}</ref>