In 1958, _____ came up with a theory regarding the trade-off between unemployment and inflation.
A) A. W. H. Phillips
B) John Maynard Keynes
C) Joseph Schumpeter
D) Milton Friedman

Question

Quizplus · Accepted Answer

The theory is known as the Phillips Curve and was developed by economist A.W.H. Phillips in 1958. Choice B (John Maynard Keynes) is known for his work on macroeconomic theory and policy, but did not develop the Phillips Curve theory. Choice C (Joseph Schumpeter) is known for his work on entrepreneurship and economic growth, but did not develop the Phillips Curve theory. Choice D (Milton Friedman) is known for his work on monetarism and the role of the money supply in the economy, but did not develop the Phillips Curve theory.

In 1958, _____ Came Up with a Theory Regarding the Trade-Off