During the 1960s, many Keynesian economists felt that by studying the Phillips curve

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Keynesian economists believed that there was a stable tradeoff between inflation and unemployment, represented by the Phillips curve. They believed that policy makers could fine-tune the economy by selecting policies that would produce the exact mix of unemployment and inflation that suited current government objectives. However, this idea was challenged by the stagflation (high inflation coupled with high unemployment) of the 1970s, which led to the breakdown of the Phillips curve relationship.

During the 1960s, Many Keynesian Economists Felt That by Studying