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Finance --- Economic forecasting. --- Business cycles. --- Mathematical models. --- Finance - United States - Mathematical models.

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Inflation (Finance) --- Prices --- Wages --- Inflation (Finance) - United States. --- Prices - United States. --- Wages - United States.

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This paper argues that major oil price increases were not nearly as essential a part of the causal mechanism that generated the stagflation of the 1970s as is often thought. There is neither a theoretical presumption that oil supply shocks are stagflationary nor robust empirical evidence for this view. In contrast, we show that monetary expansions and contractions can generate stagflation of realistic magnitude even in the absence of supply shocks. Furthermore, monetary fluctuations help to explain the historical movements of the prices of oil and other commodities, including the surge in the prices of industrial commodities that preceded the 1973/74 oil price increase. Thus, they can account for the striking coincidence of major oil price increases and worsening stagflation.

Inflation (Finance)--United States. --- Monetary policy United States. --- Balance of trade.

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Finance -- United States --- United States -- Statistics --- United States -- Economic conditions -- To 1865

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As the 20th century dawned there was a silent but fateful transformation in the purpose of the American economy. Finance stopped serving industry and twisted industry to serve its own ends. THE SPECULATION ECONOMY shows this reversal of economic priorities, and its sometimes-disastrous consequences, demonstrated most recently by Enron.

Corporations -- United States. --- Finance -- United States. --- Industries -- United States. --- Speculation -- United States. --- Corporations --- Finance --- Industries --- Speculation --- United States --- Economic policy.