Phillips curve: The Phillips curve represents the inverse relationship between inflation and unemployment in an economy. It suggests that when unemployment is low, inflation tends to be higher, and vice versa. However, this relationship may vary due to factors like expectations, supply shocks, and policy changes, impacting the relation between inflation and unemployment. See also Inflation, Economy, Labour, Economic policies, Supply._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. |