Phillips Curve

a graph correlating inflation against unemployment rates. Using a horizontal axis to represent unemployment, and a vertical axis to represent inflation, A.W. Phillips found the rate of inflation and unemployment in Great Britain for every year between 1861 and 1957. When he had plotted the 97 dots on the chart, he had a rather neat hyperbola convex to the origin of the graph.

In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.

Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.

There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").

The Phillips Curve implies a trade-off between unemployment and inflation. Unfortunately, this trade-off may sometimes represent more of a Faustian bargain.

by Abu Yahya February 14, 2009

philly area accent

the accent that people in the philly area have. its mostly just certain words that are pronounced differently. and it happens to be one of the most studied accents in the country.

word = regular way to say it = philly way to say it

water = wah-ter = wooder
about = uh-bowt = uh-beowt
down = down = deown
strawberries = straw-beh-reez = straw-burr-reez
prostitute = pros-tih-toot = pros-dee-toot
beautiful = byoo-tih-full = byoo-dee-full
out = owt = eoht
around = uh-rownd = uh-reownd
towel = tow-ell = tal
prayer = pray-er = prair
mayor = may-er = mair
how = how = heaow
bagels = bay-gullz = beggles

the OW sound is pronounced "eouw". it's hard to type you have to hear it.

that gives u an idea of the philly area accent. there are more i'm forgetting

by hiphophead293847 October 23, 2009

South Philly Skeet Salad

when a girl sticks lettuce in her asshole and the man rams it all the way in with his jizzy ranch covered boner. She shits it out and they Lady and the Tramp the salad.

I ran to the store to pick up lettuce and ranch for my fiance and my South Philly Skeet Salad.

by vaginnles August 16, 2009

Phillips Fandango

1) To evade
2) To explain with exhuberent detail, ad infunum
3) To accompany an explanation with a "sketch"
4) Manoeuvre preceeding the pat-pat-grab

That's a Phillips Fandango if I've ever seen one.

by Maurey Povich October 15, 2004

Philapotamago

A gay person trying to sell lamp shades in a department store.

"Dude im going to head down the plumming isle just to avoid that philapotamago."

by bartender January 1, 2005

philistine style

When you are jumped by more than one person.

Them motherfuckers jumped me philistine style,dude 3 on 1 don't seem too fair now,does it?

by esjay April 9, 2005

philathlete

PHILATHLETE (noun): fi-ləth-lēt
A person who participates in sports events, such as running, walking and bicycling, to raise money for philanthropic causes.

Charitymile.com, a community for individuals participating in and organizing athletic fundraisers, created this term in April 2010 because none of the current language succinctly captured these types of activities.

In 2009, philathletes raised billions in gross revenue for charity organizations and causes, such as American Cancer Society and Leukemia and Lymphoma Society.

by Charity Mile April 5, 2010