Industrial economies advance slowly and are more affected by manufacturing and market demand. "Digital/technological/information" economies are resistant to stagflation because they are a function of disruptive innovation.
Having had experience with economists, I would say that they are often mired in history and are not good at envisioning the future.
Case in point, in the 1980's, when offices around the country were using desktop computers, Paul Volcker was still claiming that desktop computers would have no effect on productivity.