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The us. Dollar was largely off the gold standard well before 19 71. The phillips curve is named after an economist named alban william phillips. It states that there's a negative statistical correlation and inverse correlation between unemployment and inflation. You can cause unemployment to go lower if you push inflation a little bit higher. And so based on this model, policy makers in the 19 sixties and seventies thought that they could embrace a little bit of a trade off. But it worked until it didn't, and when it didn'tit fell apart in a way that made things worse.
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