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Short-Run Phillips
A concept describing the inverse relationship between unemployment and inflation within a short-term period.
Left
Politically, refers to ideologies and movements that typically advocate for social equality, government intervention in the economy to redistribute wealth, and the protection of social welfare programs.
Inflation Expectations
Inflation Expectations are the rate at which people expect prices to rise in the future, influencing their economic decisions.
Long-Run Phillips
The concept in economics that suggests there is no long-term trade-off between inflation and unemployment, indicating that in the long run, the Phillips curve is vertical.
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