What Is the Phillips Curve?
When unemployment was low, wages rose faster; when high, wages rose slowly (1958).
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1.What did A. W. Phillips find in British data from 1861 to 1913?
When unemployment was low, wages rose faster; when high, wages rose slowly (1958).
2.Why does the link make sense in the Marge and Leo example?
If almost everyone has a job, Marge has to offer Leo more to hire him; if many are looking, she does not.
3.On the chart, what does a point at the top left mean?
Top left is the hot economy; bottom right is the cold one.
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