With renewed tensions in the Middle East, tight labour markets and sticky inflation, the current macro-economic environment is starting to have an eerie resemblance to the 1970s. “Those who cannot remember the past are condemned to repeat it.” - George Santayana Ask your economist friend what comparison he would use to describe the current macro-economic environment and the chances are very high that he or she will start to talk about the 70s. Alas, inflation in many parts of the world has not been as high as the 70s and that sticky inflation remained well into the 80s. What really happened in the 70s that led to ... (full story)