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Phillips Curve
An economic theory that suggests an inverse relationship between the rate of unemployment and the rate of inflation in an economy.
Sacrifice Ratio
A measure of the economic costs of reducing inflation, often represented by the loss of output or employment.
Friedman and Phelps
Economists known for their work on the natural rate of unemployment and expectations in macroeconomics, challenging the traditional Phillips curve concept.
Phillips Curve
An economic concept that depicts an inverse relationship between the rate of unemployment and the rate of inflation in an economy over time.
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