It all then went horribly wrong in the 1970s, just as the second golden period for macroeconomics (1992–2008) went horribly wrong after the Great Financial Crisis (GFC). What then occurred, starting in the 1960s, but worsening dramatically in the 1970s, was that the combinations of unemployment and inflation that arose began to move outwards, towards the North–East, so we had simultaneously more inflation and, at the same time, more unemployment, ‘stagflation’ as it was termed
