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2min chapter
Bill Phillips & His Curve
Debunking Economics - the podcast
The Relationship Between Unemployment and Money Wages
Central banks have taken him on board. Phillips actually made the mistake of stating it this way in his paper: It was like it was a menu for politicians. If you want stable factor prices, in other words, so wages remain constant, then you need this level of unemployment. But increasingly stuff isn't made in factories, isn't it? That's the other fact. We talked about this sectoral shift, but anyway, so central banks have taken them on board.
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