Economically, how can you prevent inflation and at the same time avoid recession if you were the government?

Answer 1

The same way it is done today, through monetary policy in the form of open market operations (raising or lowering the interest rates). First, think about what inflation is. Inflation is the increasing of prices, which is caused by having more money in circulation. Now, think about what raising the interest rate does. When the interest rate is raised, the New York Federal Reserve sells bonds to banks, taking the money for the bonds from their reserve accounts. Because of the money multiplier, this has more of an effect on the money supply than simply the amount of the bonds. The impact will be higher, since each dollar of reserves taken will decrease the money supply by 1/reserve requirement.
It is true that raising the interest rate will help slow the economy, since it will become more costly for the businesses to borrow due to the increasing interest rates. However, a balance can be struck between the two to keep the economy in check. If necessary, the government could give some sort of tax incentive to businesses that keep growing, which will help offset this cooling.
Monetary policy still remains the most effective way to deal with this.

Answer 2

To fight inflation without recession-this has been tricky for most countries.
Most methods of stopping inflation rely on reducing economic output which would be recession. Increasing interest rates, taxations, govt spending all would lead to recession.
What should be avoided is stagflation-recession with high inflation rates.

Answer 3

draw a balance between supply and demand