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Phillips curve |
Also found in: Financial, Wikipedia, Hutchinson | 0.07 sec. |
Phillips curveGraphic representation of the inverse relationship between the rate of unemployment and the rate of change in money wages. In 1958 A. W. Phillips plotted British unemployment rates and rates of change in money wages and found that when unemployment rates were low, employers were more likely to bid wages up to lure good employees away from their competitors. He claimed that this was a stable relationship. In the 1960s macroeconomists substituted the rate of price inflation for the rate of change in money wages and promulgated the curve as a tool of economic policy, arguing that the simultaneous achievement of low unemployment and low inflation was problematic. Monetarists, including Milton Friedman, claimed the relationship was not stable. |
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There are two basic macroeconomic workhorses available for consideration, both entirely conventional, both extremely useful to the audience for whom the book is intended--the Solow growth model for the long term and the IS-LM-BP expectations-augmented Philips curve model for the short term. IN THREE FELL words, "tax-revenue increases," President Bush destroyed his credibility, revived the politics of envy, resuscitated the Philips curve, split the Republican Party, and made the Democrats' day. |
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Philips Curve
