What did Milton Friedman and E.S. Phelps argue with respect to the Phillips Curve?

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Friedman and Phelps argued that economic participants would adjust their expectations based on the actions of policymakers, rendering attempts to exploit the Phillips Curve for short-term gains ineffective in the long run. This is because people would anticipate inflation and adjust their behavior accordingly, leading to a breakdown in the supposed trade-off between inflation and unemployment.

What Did Milton Friedman and E