During the late 1970s, households, businesses, and policymakers shifted to the opinion that

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During the late 1970s, the prevailing opinion shifted to the belief that reducing inflation was necessary even if it resulted in lower levels of employment and output. This was due to the negative effects of high inflation on the economy and society as a whole. Policymakers implemented policies to reduce inflation, even though they may have caused short-term economic pain.

During the Late 1970s, Households, Businesses, and Policymakers Shifted to the Opinion