Friedman and Phelps argued that the Phillips curve could not be stable because
A)it was not consistent with economic theory.
B)it was not supported by the data.
C)they thought the relationship was between the unanticipated inflation and unemployment.
D)they thought the relationship was between the inflation and cyclical unemployment.

Question

Quizplus · Accepted Answer

The Answer of Friedman and Phelps argued that the Phillips curve could not be stable because
A)it was not consistent with economic theory.
B)it was not supported by the data.
C)they thought the relationship was between the unanticipated inflation and unemployment.
D)they thought the relationship was between the inflation and cyclical unemployment.

Friedman and Phelps Argued That the Phillips Curve Could Not