The Phillips Curve: Unemployment vs. Inflation
Phelps on the Phillips Curve
The economist Edmund Phelps of Columbia
University won the Nobel Prize for faulting the strictly statistical
Phillips Curve for failing to take into consideration how the wage and
price inflation predictions, both of individuals and of companies,
affected their purchasing and hiring decisions. Phelps asserted
the drivers of inflation went beyond the two dimensional graph of
unemployment and inflation.
 The Phillips Curve suggests low unemploymet and and low inflation cannot exist simultaneously. |
Please
see < milestone.pdf
> for a wonderful article by Friendly and Denis on the history of
"thematic cartography,
statistical graphics, data visualization." The
NCB would say "curves."