The Phillips Curve - What Happened When the Inflation Rate Rised?

As inflation rates rose, the employment benefit started to get lower and lower. The unemployment rate didn't continue to fall very much. By the later seventies, you ended up with a double diged inflation and employing unemployment that was higher than when you started in the sixties. And so that's where things were going, except it didn't stop with that. It got worse and it got worse.