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And this concept can be explained through the use of The Phillips Curve.
The Phillips Curve
The Phillips Curve is an empirical theory developed by Professor AW Philips in the 1950s that shows an inverse relationship between changes in money wage rates and the level of unemployment.
The exact formula he found was ? Percentage Change in Wages=-0.900+9.638U-1.394. And as wage rates can be assumed to be closely linked with prices, this has been taken by many economists to suggest a trade off between inflation and unemployment.
As can be seen in figure 1 below as unemployment falls inflation begins to ?accelerate,' to rise at an increasing rate...
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