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INFLATION AND THE PHILLIPS CURVE explain with your own words 1 What is the Phillips curve? 2 What...

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Economics

INFLATION AND THE PHILLIPS CURVE

explain with your own words

1 What is the Phillips curve?

2 What is the relationship between inflation andgrowth?

Answer & Explanation Solved by verified expert
4.1 Ratings (809 Votes)
Ans 1 Phillips Curve is a an economic concept developed by A W Phillips stating that inflation and unemployment have a stable and inverse relationship The theory claims that with economic growth comes inflation which in turn should lead to mopre jobs and less unemployment However the original concept has been somewhat disproven empiricaliy due to the occurrence of stagflation in the 1970s when there were high levels of both inflation and unemplyment Key takeaways are 1 The Phillips curve states that inflation and unemployment have an inverss relationship Higher inflation is associated with    See Answer
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