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11 October, 16:33

What statistical evidence does not support the unemployment/inflation trade off theory?

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  1. 11 October, 16:54
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    Philips Curve

    Explanation:

    The Philip's Curve Describes the inverse proportional relationship that exist between rates of unemployment and corresponding rates of increase in wages in a given economy.

    The Phillips curve theory was propounded by A. W. Philips, a New Zealand Economist in 1958.

    He sited A negative correlation between the rate of unemployment and the rate of inflation for the UK over the period of 1861-1957.

    Canadian economist named Richard Lipsey confirmed and extended Phillips's observations 1960

    While American economists Samuelson and Solow showed that Phillips curve is related to aggregate demand.

    They believed the curve held important lessons for policymakers.

    The Philip's curve is a curve that shows the short-run tradeoff between inflation and unemployment.

    In summary, The Phillips curve illustrates a negative association between the inflation rate and the unemployment rate.
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