Examlex
Instructions: Identify the terms and briefly state their historical significance.
Kilwa
Time Inconsistency
Refers to the situation where a decision-maker's preferences change over time, so that what is preferred at one point in time is inconsistent with what is preferred at another time.
Short-Run Phillips Curve
A graphical representation showing the inverse relationship between the rate of inflation and the rate of unemployment in the short term.
Long-Run Phillips Curve
A graphical representation in economics indicating that in the long run, there is no trade-off between inflation and unemployment, showing a vertical curve at the natural rate of unemployment.
Short-Run Phillips Curve
A concept in economics that shows an inverse relationship between unemployment and inflation in the short term.
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