Phillips curve
nounEtymology Named after New Zealand economist William Phillips (1914–1975).
1
Economics, Sciences A single-equation empirical model describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.
- An explanation of stagflation is not an explanation at all unless it includes a general explanation of why a Phillips curve should have this or that slope, and why the curve shifts if it is alleged to shift.1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, →ISBN, page 192: