| http://www.w3.org/ns/prov#value | - This was a combination ofAn external shock - rise in oil pricesMonetary policy too looseWage price spiral magnified by relatively powerful trades unions.Despite the high inflation, living standards did rise during the decade.Unemployment did rise in the 1970s, but, it was much lower than the unemployment experienced during the 1980s.There was a break down in the simplistic Phillips curve showing a
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