Prior to the mid-1970s, many economists thought that inflation would lead to a lower rate of unemployment.

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Prior to the mid-1970s, many economists thought that inflation would lead to a lower rate of unemployment. Why? Did the early fallacious view of the Phillips curve contribute to the inflationary policies of the 1970s? How does the modern view of the Phillips curve differ from the earlier view?

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Macroeconomics Private And Public Choice

ISBN: 9780357134009

17th Edition

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

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