Economists began to lose confidence in the Phillips curve during the:
A)1930s.
B)1960s.
C)1970s.
D)1980s.
E)1990s.

Question

Quizplus · Accepted Answer

Economists lost confidence in the Phillips curve during the 1970s due to the occurrence of stagflation, where high inflation and high unemployment occurred simultaneously, contradicting the Phillips curve's prediction of an inverse relationship between inflation and unemployment.

Economists Began to Lose Confidence in the Phillips Curve During