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I am not sure, but wasn't unemployment too lower in the seventies compared to the eighties?

Yes. The great victory of the neoliberal brain rot was to first make the permanent crisis worse, and then redefine the permanent crisis to be normal.

Wasn't the term jobless recovery invented in 1991?

Correct. Prior to that the same phenomenon had been know as a "growth recession."

Anyway there was no permanent ten year crisis in the seventies.

Time series of oil prices, interest rates and unemployment disagree.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Aug 14th, 2011 at 04:54:27 PM EST
[ Parent ]
The great victory of the neoliberal brain rot was to first make the permanent crisis worse, and then redefine the permanent crisis to be normal.

Just like all the serious people talk about the "Great Recession" and nobody laughs in their faces.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Sun Aug 14th, 2011 at 05:10:35 PM EST
[ Parent ]

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