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Both Friedman and Phelps argued that the government could not permanently trade higher inflation for lower unemployment
In [[economics]], the '''Phillips curve''' is a graphical representation of the idea that "wages tend to rise faster when [[unemployment]] is low." <ref>[http://www.britannica.com/EBchecked/topic/456596/Phillips-curve Encyclopedia Britannica]
In [[economics]], the '''Phillips curve''' is a graphical representation of the idea that "wages tend to rise faster when [[unemployment]] is low." <ref>[http://www.britannica.com/EBchecked/topic/456596/Phillips-curve Encyclopedia Britannica]</ref> However, "Both [[Friedman]] and Phelps argued that the government could not permanently trade higher inflation for lower unemployment." [ibid]
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[[Category:Economics]]
[[Category:Economics]]