In the 1960s and early 1970s, many economists and policymakers thought the Phillips curve was

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In the 1960s and early 1970s, the Phillips curve was widely interpreted as offering a trade-off between inflation and unemployment, suggesting policymakers could choose among different combinations of inflation and unemployment rates. This interpretation made it seem like a "menu" of policy options, where higher inflation could be traded for lower unemployment and vice versa.

In the 1960s and Early 1970s, Many Economists and Policymakers