WHEN INFLATION SUBSIDES, UNEMPLOYMENT IGNITES: DOES THE PHILLIPS CURVE RETURN?
--
✍️ The article discusses the Phillips Curve, a concept developed by Alban William Phillips, which relates the rate of unemployment to the rate of inflation. The curve was widely used in the 1960s to inform economic policy, but its predictive power was later challenged by the work of Milton Friedman and Edmund Phelps.
--
👉 The Phillips Curve relates the rate of unemployment to the rate of inflation.
👉 The curve suggests a trade-off between unemployment and inflation.
👉 The curve was widely used in the 1960s to inform economic policy.
👉 The curve's predictive power was later challenged by the work of Milton Friedman and Edmund Phelps.
👉 The curve is still used today, but with a more nuanced understanding of its limitations.
--
#AlbanWilliamPhillips #RichardNixon #ArthurBurns #PaulSamuelson #MiltonFriedman #EdmundoPhelps #JoanRobinson #JeromePowell #NewZealand #UnitedStates #Argentina #UnitedKingdom #economics
--
