Difference between revisions of "Phillips curve"
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(This article needs more work, but reverting my edits was no improvment - please discuss on the talk page) |
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| − | 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] | + | 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] |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 15:27, June 18, 2009
In economics, the Phillips curve is a graphical representation of the idea that "wages tend to rise faster when unemployment is low." [1] However, "Both Friedman and Phelps argued that the government could not permanently trade higher inflation for lower unemployment." [ibid]