During Which Decade Did the Original Phillips Curve Break Down

question 40

Essay

During which decade did the original Phillips curve break down? Also,briefly explain why the original Phillips curve broke during this period.

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Definitions:

Improprieties

Actions or behaviors that are inappropriate, unethical, or considered wrong.

Elements of Fraud

Factors that must be present to prove fraud, including misrepresentation of a material fact and intent to deceive.

Misrepresentation

A false statement of fact made by one party to another, which has the effect of inducing that party into a contract.

Justifiable Reliance

A legal principle in contract law where a party can claim damages if they reasonably relied on the promises or representations of another party.