The Economics of the Second Sex, 1974, page 3

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Beginning at about 1969 this country gradually slid into a period
of lessening economic activity characterized by a decline in the rate
of economic growth, a rise in the rate of unemployment, a reduction
in the hours of work, an increase in the number of bankruptcies, and
a general agreement on the part of most economic indicators that they
country was being enveloped in recession. What was most disturbing.
was that these indicators were accompanied by rising prices, and a
most unseemly response, to conventional restrictive policies, of in-,
flationary developments. The late 50's were the first time during
recent economic history that American economists were confronted with

the twin problems of inflation and unemployment rates increasing at

the same time. This wasn't supposed to happen them, nor was it supposed

’to happen during the $9 to'7l recession. Nevertheless, it did. To

some of us (and I am old enough to not only remember an earlier period,
but to have taught during this earlier period!)p the scenario was all
too familiar. Oddly enough, many of the persons were the same. Richard
Nixon had become President in 1968; Richard Nixon was Vice President

in 1958. Richard Nixon's Presidential Council of Economic Advisers
included Paul McCracken and Arthur Byrnes; during Nixon's Vice Presidency
Arthur fiyrnes and Paul Mccracken had been Eisenhower's chief economic
advisors. ‘ "

During the recession/inflation of the late 1950's there was a

great controversy among economists about structural vs. aggregate un-
employment. Those people who believed in the aggregate demand thesis
argued that if total expenditure in the economy rose, unemployment
would decline. Those people who believe that structural factors were
determinant said that if total demand in the economy rose, there

would still be people who could not find jobs because they were not