Phillips Curve in hindi

Phillips Curve

In this video we discussed about Phillips Curve

This concept developed by A.W. Phillips in 1958

Prof. Phillip explained Inverse relationships between Inflation & Unemployment in Short run. this theory worked from 1958 to 1970.

After 1970s Stagflation this theory failed to control Inflation &Unemployment.

Prof. Friedman changed this theory  & gave new Phillips curve in long run.this theory known as 'Friedman's view'

this Friedman views assumes
1) No trade off between Inflation and Unemployment or no inverse relationships
2) Long run Phillips curve always parallel  to y or it will vertical
3) given extra Importance to Natural Unemployment rate

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