which of these words was first used during the 1970s economic crisis? influx stagflation deficit programs

The word that was first used during the 1970s economic crisis is stagflation.

Quick Scoop

In the 1970s, economists and commentators needed a new term to describe the unusual situation of high inflation happening at the same time as stagnant growth and high unemployment. This led to the use and popularization of the word stagflation , combining “stagnation” and “inflation.”

Why not the other words?

• Influx was already a common English word long before the 1970s, used in many contexts unrelated to economics.

• Deficit has been used in government finance and accounting for well over a century, describing when spending exceeds revenue.

• Programs is a general term used in politics and administration for planned activities or policies, also long pre‑existing the 1970s.

What stagflation described

• The 1970s saw high inflation, slow or no real economic growth, and rising unemployment at the same time, especially after the oil shocks of 1973 and 1979.

• This combination contradicted the then-standard view that inflation and unemployment usually moved in opposite directions, so stagflation became a key term in economic debates.

Answer: stagflation.

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