Phillips Curve - A graph that supposedly shows the relationship between inflation and unemployment. It is conjectured that there is a simple tradeoff between inflation and unemployment (high inflation and low unemployment and low inflation and high unemployement). Obviously, the relation between these important macroeconomic variables is more complicated than this simple graph would suggest. Named after A. W. Phillips. For a modern treatment, see work of Robert Lucas.
An economic concept, developed by A. W. Phillips, suggesting that inflation and unemployment have a stable and inverse relationship.
Phillips Curve : a graph that supposedly shows the relationship between inflation and unemployment. it is conjectured that there is a simple tradeoff between inflation and unemployment (high inflation and low unemployment and low inflation and high unemployement). obviously, the relation between these important macroeconomic variables is more complicated than this simple graph would suggest. named after a. w. phillips. for a modern treatment, see work of robert lucas.
an economic concept, developed by a. w. phillips, suggesting that inflation and unemployment have a stable and inverse relationship.
Phillips Curve