The Phillips curve shows a negative relationship between inflation and unemployment, and the short-run aggregate supply curve shows a positive relationship between the price level and output.
The economic relationship between the rate of unemployment (or the rate of change in unemployment) and the rate of change in money earnings is depicted graphically by the Phillips curve. It reflects the belief of economist . William Phillips that wages tend to increase more quickly when unemployment is low.
The Phillips curve is an economic theory that bears the name of William Phillips, who postulated a link between declining unemployment and higher rates of wage growth in an economy.
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