Phillips Curve Crumbles: Inflation and Unemployment Relationship Reimagined
The article explores how inflation and unemployment are related in the economy. Researchers looked at past studies and found that the traditional idea of a trade-off between inflation and unemployment didn't hold up well in real-world situations. They had to adjust their models to include other factors to explain why both inflation and unemployment could be high at the same time. This new understanding challenged long-held beliefs in economics and forced economists to rethink how they approach these issues.