Many economists and forecasters thought inflation wasn't going to be a big deal. The theory was based on just a chart that this economist named alban william phillips published in 19 58. When unemployment gets to a very low point, businesses have to raise wages for their workers. This increase in wages passes through to an increase in prices for consumers. If you tolerate higher employment, you can get lower inflation. And i think this theory was, i'm taken as philosophy of how to govern the economy in the 19 sixties.