The economic crisis of the mid-1970's ____ .

Both as a profession and a science, economics lost
considerable prestige during the recession of 1974-75.
The crisis that seized the western industrialised
countries including Japan was of a character not to be
found in economics textbooks. Rate of inflation
exceeding 10% a year coupled with declining
production and high levels of unemployment. Hitherto,
peacetime inflation had been associated with high
employment and an overactive economy, while high
rate of unemployment went with the recession or
depression. The next combination was apply called
stagflation.