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Phillips curve. In DICTIOUS you will not only get to know all the dictionary meanings for the word
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English
Etymology
Named after New Zealand economist William Phillips (1914–1975).
Noun
Phillips curve (plural Phillips curves)
- (economics) A single-equation empirical model describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.
1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, →ISBN, page 192: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.