Although the Phillips curve is controversial, what do most economists believe?

Question

Quizplus · Accepted Answer

Most economists believe that the Phillips curve shows a short-run tradeoff between unemployment and inflation, meaning that as unemployment decreases, inflation tends to increase, and vice versa. However, in the long run, the tradeoff is not sustainable and inflation expectations adjust accordingly. This is known as the "long-run Phillips curve." Thus, while the Phillips curve has limitations and is not a perfect model, most economists still recognize its usefulness in understanding the relationship between unemployment and inflation in the short run.

Although the Phillips Curve Is Controversial, What Do Most Economists