This is not the 1970s, or so we are confidently assured by respectable economists. Granted, as we confront soaring levels of inflation, there are nuanced differences between then and now. But the UK’s strikes in rail, mail and rubbish collection point to one overwhelming similarity — namely, that stagflation creates winners and losers. When national real income is squeezed by oil price shocks as in the 1970s or the current food and energy price shocks, rival claimants in the economy compete ferociously to reclaim lost income. A wage price spiral results.
現在不是上世紀70年代，至少受人尊敬的經濟學家自信地向我們做出這樣的保證。誠然，就不斷飆升的通脹水平而言，當時與現在的情況存在細微差別。
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