Well, let me preface by saying this is speculation from poor understanding, but I think it's about the difference between inflation slowing because the economy

Well, let me preface by saying this is speculation from poor understanding, but I think it's about the difference between inflation slowing because the economy has slowed and the economy slowing because inflation is high. The latter is essentially the stagflation scenario, and it's not clear to me what caused that to last so long during the 70's.