When unemployment and inflation began to rise side by side in the 1970s, nobody knew what to do. Economic theory suggested it should have been impossible, and yet the numbers couldn't be denied. Stanford Historian Jennifer Burns, author of Milton Friedman: The Last Conservative, discusses how American presidents of the 70's tried and failed to curb stagflation, what led Carter to Paul Volcker, and how Volcker's medicine may have saved the economy, but doomed Carter's presidency in the process.
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