The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957†

@article{Phillips1958TheRB,
  title={The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957†},
  author={A. W. Phillips},
  journal={Economica},
  year={1958},
  volume={25},
  pages={283-299}
}
When the demand for a commodity or service is high relatively to the supply of it we expect the price to rise, the rate of rise being greater the greater the excess demand. Conversely when the demand is low relatively to the supply we expect the price to fall, the rate of fall being greater the greater the deficiency of demand. It seems plausible that this principle should operate as one of the factors determining the rate of change of money wage rates, which are the price of labour services… Expand

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