Characteristics of william and phillipa
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The phillips curve is a single-equation empirical model, named after William Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy. Stated simply, decreased unemployment, (i.e., increased levels of employment) in an economy will correlate with higher rates of wage rises.Phillips did not himself state there was any relationship between unemployment and inflation, although this notion was subsequently made popular by Milton Friedman from 1967
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