What you’ll learn to do: explain the reasoning behind the theory of the Phillips Curve and why it may not hold
The Phillips Curve is a key part of Keynesian economics, at least the Keynesian economics of the 1960s. In this section, you’ll learn what makes the Phillips curve Keynesian, and why neoclassicals believe it may not hold in the long run. This speaks to the effectiveness of demand management policies, which is a major subject of this module.
Contributors and Attributions
- Authored by: Steven Greenlaw and Lumen Learning. License: CC BY: Attribution
- Pink Slip. Authored by: Michael Fleshman. Provided by: flickr. Located at: https://www.flickr.com/photos/fleshmanpix/6961562957/. License: CC BY: Attribution