What remains from the trade-off between inflation and unemployment? (A brief reflection on the Phillips curve)
<p>This paper analyzes the debate that took place in the second half of the 20th century about the relationship between inflation and unemployment. The “discovery” of the Phillips curve, provided a powerful tool for the economic policy. But, as always happens in the history of economic ideas,...
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| Format: | Article |
| Language: | Spanish |
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Universidad Complutense de Madrid
2018-06-01
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| Series: | Iberian Journal of the History of Economic Thought |
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| Online Access: | http://revistas.ucm.es/index.php/IJHE/article/view/60281 |
| Summary: | <p>This paper analyzes the debate that took place in the second half of the 20th century about the relationship between inflation and unemployment. The “discovery” of the Phillips curve, provided a powerful tool for the economic policy. But, as always happens in the history of economic ideas, some years later a hard discussion began between economists. At the end, the discussion was about the effectiveness or sterility of economic policies to change the level of unemployment (and inflation) of the economy.</p><p>Although with slightly different features, this is a discussion which is still open to debate among economists.</p> |
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| ISSN: | 2386-5768 |