The term is generally attributed to a British politician who became Chancellor of the Exchequer in 1970, Iain Macleod, who coined the phrase in his speech to Parliament in 1965.
Keynes didn't use the term, but some of his work refers to the conditions most would recognise as stagflation. In the version of Keynesian macroeconomic theory which was dominant between the end of World War II (WWII) and the late-1970s, inflation and recession were regarded as mutually exclusive, the relationship between the two being described by the Phillips curve. Stagflation is very costly and difficult to stop once it starts.
A political measure called the Misery Index is got by adding the inflation rate to the unemployment rate.
This situation usually begins with things beginning to cost more while fewer of the things are being made. Because fewer things are being made, fewer people are needed to make them. This causes unemployment to increase. All three of these factors together cause stagflation — stagnation in production and employment and increasing inflation. It is also because of "cost push" factors. When it begins to cost more to make an item, the price will increase. People will be less likely to invest money in the company. This will lead to more unemployment.
The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the general post-World War II economic boom. It differed from many previous recessions as being a stagflation, where high unemployment coincided with high inflation.
Cleveland Orchestra
The Cleveland Orchestra is an American orchestra based in Cleveland, Ohio. Their conductor is Franz Welser-Möst.
The orchestra was started in 1918 with Nikolai Sokoloff as conductor. In 1931 a new concert hall called the Severance Hall was opened. It has been the orchestra's concert hall ever since.
The conductor George Szell made them into one of the world's best orchestras. When he started conducting them after World War II he told twelve of the players that they had to leave. Another twelve musicians were so angry that they left as well. Szell then improved the orchestra during the 24 years he was with them. Even now the orchestra is so good because of what Szell did for them.
Today's conductor of the Cleveland Orchestra, Franz Welser-Möst, continues to conduct the orchestra in Cleveland as well as touring with them all over the world. They perform regularly in the summer at the Blossom Festival in Cuyahoga Falls, Ohio, and also in Miami, Florida, and in the Musikverein, Vienna.
Boston Symphony Orchestra
The Boston Symphony Orchestra (BSO) is an American orchestra based in Boston, Massachusetts. It is one of the great orchestras of the world. They give concerts in the Symphony Hall, Boston. They also play every summer at the Tanglewood Festival.
The orchestra was started in 1881. Many of the conductors it had during its history were extremely famous, including Arthur Nikisch from 1889 to 1893, and Pierre Monteux from 1919 to 1924 who gave the orchestra a reputation for a "French" sound which many people think it still has today. Serge Koussevitzky was their conductor for many years and made them a world-class orchestra. With Koussevitzky, the orchestra gave radio broadcasts and made its summer home at Tanglewood, where Koussevitzky founded the Berkshire Music Center, which is now the Tanglewood Music Center.
Koussevitzky asked many famous composers to write music for the orchestra. Works written especially for them include "Symphony No. 4" by Sergei Prokofiev and the "Symphony of Psalms" by Igor Stravinsky. They also gave the first performance of Béla Bartók's "Concerto for Orchestra". Since then many other composers have written for the orchestra including Roger Sessions, Andrzej Panufnik and Elliott Carter.
When the conductor Charles Munch took over from Koussevitzky he gave the orchestra their first tour overseas. He was followed in 1962 by Erich Leinsdorf, then William Steinberg, Seiji Ozawa and, since 2004, James Levine who is the first American-born conductor of the orchestra.
As well as the Boston Symphony Orchestra there is also the Boston Pops Orchestra, founded in 1885, which plays light music, e.g. from show tunes. Arthur Fiedler conducted them from 1930 until 1979. He was followed by the film composer John Williams. Today their conductor is Keith Lockhart.
A small group of principal players from the BSO form the Boston Symphony Chamber Players. They have being playing since 1964 and perform in Boston, Tanglewood and in other places in USA and Europe. They have made many recordings.
The Boston Symphony have made many recordings with their conductors since 1917 when they made one of the earliest music recordings conducted by Karl Muck.
Light music
Light music is a musical style that might often be called "easy listening". It started in the United Kingdom in the 19th century and became very popular in the middle of the 20th century.
Light music was often played at seaside resorts. It often consisted of arrangements for orchestra of popular songs. It was music that was supposed to be popular, music that a wide audience would be able to enjoy.
In the 1930s, when the BBC started broadcasting music on the radio (which they then called "wireless"), light music became very popular. In 1945 the BBC Light Programme was started. One very popular programme was called "Friday Night is Music Night", with music played by the BBC Concert Orchestra. and "Music While You Work" was also a very popular programme.
Today Light Music is sometimes seen as not in fashion. Film music is more popular today, and music from musicals.
Eric Coates is a good example of a composer of Light Music. His piece "By the Sleepy Lagoon" became the signature tune of a radio programme called "Desert Island Discs". Arthur Wood's "Barwick Green" became the theme of "The Archers".
In the United States popular light pieces were written by people such as Leroy Anderson and George Gershwin.
Light Music is similar to what is called Salon Music (German: Salonmusik) in Europe.
Royal Australian Air Force
The Royal Australian Air Force (RAAF) is the air force of the Australian Defence Force. It started in 1912 as the Australian Flying Corps and saw its first action in World War I.
The first plan for an Australian air force was given to the Military Board in 1910. The plan was approved on 22 October, 1912, and five planes were ordered. A flying school was set up on of land at Point Cook, Victoria, with the first students starting on 17 August, 1914.
Nonthaburi (province)
Nonthaburi is a province in Thailand. Its central town is Nonthaburi, about 25 km north-west of Bangkok. There are many government buildings in Nonthaburi.
Tourists and locals head to Wat Poramai-yikawat -- a mon styled temple, and Wat Sanam Nua temple for worship.
Bridge to Terabithia (2007 movie)
Bridge to Terabithia is a fantasy movie. It was released in 2007. The director of the movie was Gábor Csupó. It was adapted for a movie by David L. Paterson and Jeff Stockwell. The movie is based on the Katherine Paterson novel of the same name. Walt Disney Pictures distributed the movie in the U.S.A. Bridge to Terabithia tells the story of two 12-year-old neighbours, Jesse Aarons and Leslie Burke. They spend their free time in an abandoned tree house where they create a fantasy world called Terabithia.
David Paterson, who wrote the screenplay, is Katherine Paterson's son. The novel is based on parts of his childhood. When he asked his mother if he could write a screenplay of the novel, she agreed. This was because he could write plays well. Production of the movie began in February 2006. The movie was shot by November. It was shot mainly in Auckland, New Zealand within two months. It took ten weeks to edit the movie. Post-production, music mixing, and visual effects took many months.