In his famous essay "The Role of Monetary Policy" Milton Friedman says this: "... there is always a temporary trade-off between inflation and unemployment; there is no permanent trade-off. The temporary trade-off comes not from inflation per se, but from unanticipated inflation, which generally means from a rising rate of inflation. The widespread belief that ther permanent trade-off is a sophisticated version of the confusion between 'high and rising' that we call recognize in simpler forms. A rising rate of inflation may reduce unemployment, a high rate will not." Discuss the above quote in thorough detail as it relates to the Phillips Curve, mistakes in traditional Keynesian theory and adaptive expectation (Approximately 10-12 Sentences). For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). m Paragraph V Arial > 10pt iEv EVA Tx 8 1 Q Q 5 d x2 X2