In the late 1960s,economist Edmund Phelps published a paper that

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Phelps' paper argued that there was no long-run tradeoff between inflation and unemployment, which challenged the prevailing view of the Phillips curve that suggested there was an inverse relationship between these two variables. Phelps argued that in the long-run, the natural rate of unemployment would adjust to any attempts to reduce it through expansionary monetary or fiscal policies, leading to higher inflation rates but no long-term impact on unemployment.

In the Late 1960s,economist Edmund Phelps Published a Paper That