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Oil was a big driver of inflation in the 70s, but another factor which tends to be overlooked is population growth: while the US population had been rather stagnant during WW2, the post-WW2 baby boom led to the 70s being filled with the now-adult Baby Boomers entering the workforce and demanding housing, transportation, etc. which really didn't help things. If there was no WW2 (or if there was no baby boom because people kept having kids like normal throughout WW2), inflation would have been much less pronounced during the 70s.

https://russellinvestments.com/us/blog/inflation-pales-to-19...

https://www.epbmacroresearch.com/blog/initial-conditions-for...




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