The Wall Street Journal gets a prize for Art inward Economics for their Phillips plication article. Abstract expressionist division, non contemporary realism, alas.
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| Source: Wall Street Journal |
(For the uninitiated: There is supposed to hold upwards a stable negatively sloped plication hither yesteryear which higher inflation comes alongside lower unemployment. Beyond that correlation, well-nigh policy economists read it equally effort in addition to effect, higher unemployment begets lower inflation in addition to vice versa. The betoken of the article is how picayune reality conforms to that bedrock belief.)
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