Phillips curve
This is an old revision of this page, as edited by Ed Poor (talk | contribs) at 15:27, June 18, 2009. It may differ significantly from current revision.
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]