[Verse 1] In nineteen seventy-three the world changed its course Economic patterns shifted with unstoppable force Oil prices soaring, inflation took flight The old rules were breaking, nothing felt right What we expected tomorrow shaped today's demand When people believe prices rise, they get out of hand [Chorus] Four drivers keep inflation alive and strong Expectations, wages, credibility, productivity's song E-W-C-P, remember this key The forces that make high prices sticky as can be Four drivers spinning round and round Once inflation starts, it's hard to bring it down [Verse 2] Workers started bargaining for automatic pay Cost of living adjustments every single day When wages rise with prices in an endless dance Indexation gives inflation another chance What goes up keeps going up in this vicious game Each contract signed just fans inflation's flame [Chorus] Four drivers keep inflation alive and strong Expectations, wages, credibility, productivity's song E-W-C-P, remember this key The forces that make high prices sticky as can be Four drivers spinning round and round Once inflation starts, it's hard to bring it down [Bridge] Policy credibility matters most of all When people trust the government, inflation can fall But if they doubt the central bank will really fight Expectations spiral up and prices take flight Productivity slowdown makes it worse each year Less output per worker makes inflation severe [Verse 3] From America to Canada, the story's the same Global forces playing this inflationary game The regime that once worked for decades before Couldn't handle the pressures of seventy-three and more Understanding these drivers helps us see the way Economic history shapes our world today [Chorus] Four drivers keep inflation alive and strong Expectations, wages, credibility, productivity's song E-W-C-P, remember this key The forces that make high prices sticky as can be Four drivers spinning round and round Once inflation starts, it's hard to bring it down [Outro] Nineteen seventy-three, when everything changed Four forces of inflation, forever rearranged
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