The Phillips curve is an economic model that correlates reduced unemployment with increasing wages in an economy. It was developed by William Phillips in 1958. Later, Samuelson and Solow made the connection explicit between unemployment and inflation.
References:
- The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957. A. William Phillips. Economica. 1958.
- Analytical Aspects of Anti-Inflation Policy. Samuelson, P.A. and Solow, R.M. American Economic Review. 1960.
