ACTG 2010 Lecture 12: History Key Terms for Exam

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Initially, stagflation was deemed impossible under keynesian economics. This is when people began turning away from. Keynesian economics and at hayek"s theory of economics. Stagflation - coined by hayek, where he described how unemployment and inflation were rising at the same time. Basically it happens when the economoy has rising prices but unemployment is also rising, which is not the traditional way to think about an expansion/inflationary period. The manorial system in britain conceptualized of the landlords owning a manor. The servants and peasants who did not own the land, lived off of it by farming, doing favours, and paid taxes to the landlords. The manor was divided up into different sections of farm land. The reason behind it was because the soil needed to regain its fertility during the year in which it was not in use. The manorial system was quite unfair to those who were servants because they would never be able to accumulate wealth.

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