Stagflation?

Question

Ok, I'd like to hear from some serious economic majors here, no goofy answers. What's the likelihood that we're heading into "stagflation" like in the 70's, and how do we know if and when we're heading into it?

Answer 1

Stagflation is condition wherein there is inflation alongwith stanation in the economy.

If you are asking about the American Economy then , I'm not sure whether it will head into a stagflation condition

How do you know when you are running into it??

When you notice that the prices of almost all commodities are skyrocketing without any increase in the incomes of the people. And there is an unfavourable supply alongwith unreasonably high demand