In the 1960s,many economists and policymakers considered the trade-off between inflation and unemployment revealed in the Phillips curve to be permanent.This belief was challenged by ________,who argued that there is not trade-off between inflation and unemployment in the long run.

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Milton Friedman and Edmund Phelps challenged the belief that there is a permanent trade-off between inflation and unemployment in the long run. They argued that any short-term trade-off would eventually disappear as people's expectations of inflation adjust to changes in the economy. This idea became known as the natural rate of unemployment and helped to reshape macroeconomic theory and policymaking.

In the 1960s,many Economists and Policymakers Considered the Trade-Off Between