DOI: 10.5716/978-981-08-9514-3_MME15

Authors: George Lee


The prize is substantial and significant: dominance of the discipline of economics. Both major contenders are bloodied One even cheats in its claims. There is no deserving winner, but Keynesians stepped back, allowing classical economists to rulethe profession of economics. The solution to the puzzle of stagflation and stable boom (simultaneous rises and drops ininflation and unemployment) is simple and direct: Supply shifts in the Macroeconomic System, mainly from momentous changes in oil prices, caused by the post-1973 stagflations and―stablebooms.‖ What is needed is a theory of macroeconomics –that incorporates shifts in both supply and demand -- more general than either Keynes’ theory or the theories of rationalprice expectations. The battle continues. MME accepted thispaper on May 27; on July 4, 2011, after the author had paid for airline travel and registration, MME was told that the paper had―conditional acceptance‖ and had to be revised by July 11

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