In 1968, Economist Milton Friedman Published a Paper That Was

question 186

Multiple Choice

In 1968, economist Milton Friedman published a paper that was critical of the Phillips curve. On what grounds did Friedman criticize the Phillips curve?

• A) It seemed to work for wages but not for inflation.
• B) Monetary policy was ineffective in combating inflation.
• C) The tradeoff illustrated by the Phillips curve did not apply in the long run.
• D) Phillips had made errors in collecting his data.