During the 1970s, the U.S. economy experienced high rates of inflation and limited economic growth. This phenomenon is often called:

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Stagflation is the term used to describe the combination of high inflation and stagnant economic growth. This phenomenon was particularly notable during the 1970s, when the U.S. economy experienced a period of high inflation known as the "Great Inflation". This was caused by a combination of factors, including rising oil prices, increasing government spending, and a lack of economic competition. The resulting stagflation was a challenge for policymakers, who struggled to find effective ways to stabilize the economy.