The rigidity of the 1970s economies, where union power and indexed contracts meant wages were unyielding, only magnified the adverse effects of oil shocks.

• 1970年代的经济没有目前这么灵活，那时有工会力量，及那些与通胀相联系的合同，这意味着工资上缺少灵活性，而这些则增大了石油震荡的负面作用。