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A. W. Phillips: 2 ideas worth knowing

2 ideas from A. W. Phillips, each explained in a minute and credited to the original work. Free on Savvy.

• Cutting unemployment and cutting inflation used to be a straight tradeoff

  In 1958, economist Bill Phillips plotted nearly a century of UK wage and unemployment data and found a clear pattern: when unemployment fell, wage inflation rose, and vice versa. E…

  — A. W. Phillips, The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957

• One chart seemed to prove you could trade inflation for jobs

  In 1958, economist A.W. Phillips plotted nearly a century of UK wage and unemployment data and found a consistent pattern: when unemployment fell, wage inflation rose, and vice ver…

  — A.W. Phillips, The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957

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