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All of the following are elements of the scientific method, as conceived by Wallace (1971) EXCEPT:
Short-Run Phillips Curve
A curve that illustrates the inverse relationship between the rate of inflation and the unemployment rate in the short term, suggesting that lower unemployment comes with higher inflation.
Long-Run Phillips Curve
A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, as opposed to the short-run Phillips curve.
Disinflation
A reduction in the rate of inflation, characterized by a slowing down in the rate at which prices increase over time.
Short-Run Phillips Curve
A graphical representation that shows an inverse relationship between the rate of inflation and the unemployment rate in the short-term.
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