Social Sciences and History / Unit 15 SSH 1418 short lesson, about 20 seconds
The Phillips Curve, Short Run
Captions available
The idea
A Phillips curve shows the tradeoff between unemployment and inflation. In the Keynesian view it slopes down: higher unemployment means lower inflation and lower unemployment higher inflation. But a downward-sloping Phillips curve is a short-term relationship that may shift after a few years.
In practice
Lower unemployment bought with inflation, for a while.
Where people slip
The word tradeoff is the exam's hook.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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