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").
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
Get the Phillips Curve mug.A respiratory disorder, also called congenital central hypoventilation syndrome (CCHS) or primary alveolar hypoventilation, which is fatal if untreated. Because of a congenital failure of the body's involuntary control of breathing, people with the disorder must take each breath consciously; they typically die during sleep.
In German mythology, Ondine was a water nymph who fell in love with and married a mortal man, Sir Lawrence. He swore to her that his every waking breath shall be his pledge of love and faithfulness to her. Years later, she caught him in the arms of another woman. She cursed him thusly: "You swore faithfulness to me with every waking breath, and I accepted your oath. So be it. As long as you are awake, you shall have your breath, but should you ever fall asleep, then that breath will be taken from you and you will die!"
Sir Lawrence stayed awake as long as he could but eventually fell asleep from sheer exhaustion, and he stopped breathing and died.
In German mythology, Ondine was a water nymph who fell in love with and married a mortal man, Sir Lawrence. He swore to her that his every waking breath shall be his pledge of love and faithfulness to her. Years later, she caught him in the arms of another woman. She cursed him thusly: "You swore faithfulness to me with every waking breath, and I accepted your oath. So be it. As long as you are awake, you shall have your breath, but should you ever fall asleep, then that breath will be taken from you and you will die!"
Sir Lawrence stayed awake as long as he could but eventually fell asleep from sheer exhaustion, and he stopped breathing and died.
by Erin Catherine June 28, 2008
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A somewhat derogatory term referring to Orange County, California. It refers to the idea that people living there long-term are spoiled, ignorant, and have little experience in the world outside of the immediate area, besides occasional trips to similar locations around Southern California.
Buffy grew up living behind the Orange Curtain, and thinks everyone from other places are trash.
Steven only leaves the Orange Curtain once a year for a snowboarding trip with his rich friends at some fancy resort in Norcal.
You can always tell someone grew up outside of the Orange Curtain when they refer to OC as "The OC."
Steven only leaves the Orange Curtain once a year for a snowboarding trip with his rich friends at some fancy resort in Norcal.
You can always tell someone grew up outside of the Orange Curtain when they refer to OC as "The OC."
by DogBelly September 11, 2011
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Get the curls in the squat rack mug.When you are trapped in a confined place with 5 or more indian people, and the overwhelming stench of indian body odor assaults your senses with the force of a freight train.
Dude, i was in the bus yesterday and these indian folks came in and totally curry ovened the shit out of us.
by Miamirower September 13, 2009
Get the Curry Oven mug.A shirt that, although intended to hide the cowness of pregnancy or fatness by draping what appears to be a curtain over the tits, is now, for some unknown reason, trendy on sexy females as well.
Coined by Maddox - "R.I.P. my boner"
Coined by Maddox - "R.I.P. my boner"
"There's a reason pregnant women wear tit curtains, and it's because it usually looks good on them in lieu of a beekeeper outfit."
Go wear something that is less likely to turn men gay.
Go wear something that is less likely to turn men gay.
by Urban Dictionary January 9, 2008
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