Accuracy in Academia, hmmm, oxymoron? Maybe.
I find it hard to believe research would be published solely for the sake of publishing research. What next, saying the president of these united states of America is a dishonest scoundrel? Harumph.
Milton Friedman made the Philips Curve easy to understand.
The Philips Curve is the short term relationship between Inflation and Employment, and is an inverse relationship
Friedman pointed out that the long term relationship was more important and he called it The Natural Rate.
Inflation and Employment move in the same direction
This country has lost much with Friedman’s passing
Inflation of the currency is a planned result of Keynesian economics. In truth it is embezzlement of private wealth by dilution similar to when a bartender dilutes the booze. Inflation distorts the costs of long term projects and thus degrades the ability of people in business to plan the full costs of long term projects. When coupled with a tax on incomes that includes taxing the gain in the sale of assets like land in dollars due to inflation, it is the grandest scheme of theft in all human history.
Inflation is coveting and theft, based on lies. Each of these is itself a violation of one of the Ten Commandments. An economic system built on lies, coveting and theft cannot be blessed by God and it is not “sustainable”.
Knowledge of the fact that unemployment can be eliminated by virtue of a fall in wage rates and prices, and that government interference is what prevents this, implies that there is absolutely no necessity for any kind of "trade-off" between inflation and unemployment as is claimed by the supporters of the so-called Phillips curve. In a free market, full employment is achievable precisely by means of a fall in wage rates and prices. The Phillips curve analysis, however, is so imbued with the spirit of government intervention and Keynesianism that it is blind to the very possibility of this occurring.
During 1967, Milton Friedman wrote a column in Newsweek saying that it was commonly believed that Inflation and Unemployment were inversely related.(Philips Curve)
Friedman noted that this was not always the case, and in fact we were entering a period that he called Inflationary Recession.
In the 1970s , we called it Stagflation , and Friedman once again showed himself to be about 10-20 years in front of everyone else.