It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curve.

He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation.

Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment ( 1968 ).

The concept is notable because, in the version of Keynesian macroeconomic theory which was dominant between the end of WWII and the late-1970s, inflation and recession were regarded as mutually exclusive, the relationship between the two being described by the Phillips curve.

Phillips curve article )

Ideas associated with the Phillips curve questioned the possibility and value of full employment in a society: this theory suggests that full employment — especially as defined normatively — will be associated with positive inflation.

For example, it can be almost synonymous with mathematical function ( as in learning curve ), or graph of a function ( as in Phillips curve ).

In economics, the Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy.

In the 1920s an American economist Irving Fisher noted this kind of Phillips curve relationship.

However, Phillips ' original curve described the behavior of money wages.

Moving along the Phillips curve, this would lead to a higher inflation rate, the cost of enjoying lower unemployment rates.

Since 1974 seven Nobel Prizes have been given for work critical of the Phillips curve.

Theories based on the Phillips curve suggested that this could not happen, and the curve came under a concerted attack from a group of economists headed by Milton Friedman.

Friedman argued that the Phillips curve relationship was only a short-run phenomenon.

Most economists no longer use the Phillips curve in its original form because it was shown to be too simplistic.

The " short-run Phillips curve " is also called the " expectations-augmented Phillips curve ", since it shifts up when inflationary expectations rise, Edmund Phelps and Milton Friedman argued.

In the long run, this implies that monetary policy cannot affect unemployment, which adjusts back to its " natural rate ", also called the " NAIRU " or " long-run Phillips curve ".

Blanchard ( 2000, chapter 8 ) gives a textbook presentation of the expectations-augmented Phillips curve.

An equation like the expectations-augmented Phillips curve also appears in many recent New Keynesian dynamic stochastic general equilibrium models.

Staff Sergeant Monfriez ( Lou Diamond Phillips ), however, tells Serling that Walden was a coward and that he was responsible for destroying the tank.

In episode twenty-six (" Attack of the Barbarians ") Marco Polo tells Doug Phillips that Tony and the Princess Serit can fall in love with each other despite their being from different times because they can then and there see and touch each other.

" A September 6, 2010 NPR airing of 1992 interview with Fresh Air host Terry Gross Charlie Rich tells the story himself of Sam Phillips telling Rich's wife those exact words.

Phillips interrupts the trio, but tells " Elvis " to keep it up.

Only an unorthodox plain-clothes detective named Mitchell ( Joe Don Baker ) believes that Deaney is guilty of something more than self-defense, but Chief Albert Pallin ( Robert Phillips ) tells him that Deaney is wanted for " every federal law violation in the book " and is therefore " FBI property.

Phillips wrote in a letter to Blumenschein, " I began to feel as if this was the real ' border life ', and only wish old Kit Carson was here with us.

Then, combined with the wage Phillips curve 1 and the assumption made above about the trend behavior of money wages 2, this price-inflation equation gives us a simple expectations-augmented price Phillips curve:

Expectational equilibrium gives us the long-term Phillips curve.

" Phillips said " the one-party system ... gave us John and Bobby Kennedy and the integration of our state's university.

In 2004, John Pickles, Early N. Phillips Distinguished professor at the University of North Carolina summed up Wood ’ s contributions this way: “ For over twenty-five years, Denis Wood has been provoking us to think differently and critically about maps and map use .” The book was first issued in 1992 as a catalogue accompanying a major exhibition called The Power of Maps at the Cooper-Hewitt National Museum of Design in New York.

She has also been the subject of a 1978 British TV series, Warrior Queen, starring Siân Phillips as Boudica.

Chelsy also accompanied Harry to the wedding of Harry's cousin, Peter Phillips to Autumn Kelly in May 2008, where she was introduced to the Queen for the first time.

* Dave Mallow ( b. 1948 ), U. S. voice actor, also known as Colin Phillips

Guralnick wrote the script for A & E's documentary, Sam Phillips: The Man Who Invented Rock ' n ' Roll, narrated by Billy Bob Thornton, and he also scripted Sam Cooke-Legend, narrated by Jeffrey Wright.

Russell also concluded from the letters that Phillips was the love of Harding's life —" the enticements of his mind and body combined in one person ".

This production has starred such performers as Kirsten Rossi / Elisa Cordova / Sofia Escobar / Ali Ewoldt as Maria, Ryan Silverman / Scott Sussman / Chad Hilligus as Tony, Lana Gordon / Oneika Phillips / Desiree Davar as Anita, Spencer Howard / Brett Leigh ( also playing Action )/ Denton Tarver as Riff and Emmanuel de Jesús Silva / Marco Santiago / Oscar as Bernardo.

The Portland GMB also hosts many social and educational events, notably Music for the Working Class, a free event that occurs on the last Wednesday of every month at the Red and Black Cafe, 400 SE 12th St. Acts that have appeared include Brendan Phillips and Fast Rattler, David Rovics, and the unofficial band of the Portland branch, I Wobble Wobble.

He has also been cast in a film based on the Maersk Alabama hijacking as Captain Richard Phillips.

There are also instances in which an existing band added a prominent new member or members, where the resulting group might have been considered a supergroup had it not kept its original band name, such as Van Halen after recruiting Sammy Hagar and Gary Cherone, and the Eagles after hiring Joe Walsh and Timothy B. Schmit, and Styx, hiring Lawrence Gowan, and Ricky Phillips.

* In 1977 and 1978, Gerald B. Phillips developed the concept that risk factors for myocardial infarction concur to form a " constellation of abnormalities " ( i. e., glucose intolerance, hyperinsulinemia, hypercholesterolemia, hypertriglyceridemia, and hypertension ) associated not only with heart disease, but also with aging, obesity and other clinical states.

In 1990 Emerson toured with The Best, a short-lived supergroup which also included John Entwistle, Joe Walsh, Jeff " Skunk " Baxter and Simon Phillips.

In addition to being instrumental in the formation of the Society, Phillips also spent more years in Taos than any other member.

In 1975, Williams later starred with Leslie Phillips, Lance Percival, Miriam Margolyes and others, in the short-lived radio sketch show Oh, Get On with It ( based on a pilot episode entitled Get On With It ), which also featured appearances by Rambling Syd.

Toward the end of season one, Matlock also took on Cassie Phillips, a cocky young lawyer played by Kari Lizer, as an assistant.

Phillips recorded what some — notably music historian Peter Guralnick — consider the first rock and roll record: " Rocket 88 " by Jackie Brenston and his Delta Cats, a band led by 19-year-old Ike Turner, who also wrote the song.

Phillips also used tape delay to get an echo into the Elvis recordings by running the tape through a second recorder head.

He would also create two different subsidiary recording labels — Phillips International and Holiday Inn Records.

He was also portrayed in the 1981 movie This Is Elvis by son Knox Phillips.

Phillips also provided the voice for the Sorting Hat in the Harry Potter films appearing in Harry Potter and the Philosopher's Stone ( 2001 ) and Harry Potter and the Chamber of Secrets ( 2002 ) as well as reprising his role in the final movie, Harry Potter and the Deathly Hallows Part 2 ( 2011 ).

In addition to playing piano and Hammond organ with the Heartbreakers, Tench is also known as a skilled session musician, having recorded with dozens of notable artists, including Johnny Cash, U2, Elisa, Stevie Nicks, Lucinda Williams, Sam Phillips, You Am I, Susanna Hoffs, Bob Dylan, Roy Orbison, The Rolling Stones, Don Henley, John Prine, Ringo Starr, John Fogerty, Elvis Costello, Bonnie Raitt, Sheryl Crow, Waylon Jennings, Paul Westerberg, X, Mary Chapin Carpenter, Carlene Carter, The dB's, Alanis Morissette, The Ramones, The Screaming Trees, The Tragically Hip, The Divinyls, The Goo Goo Dolls, Green Day, The Cult, The Jayhawks, Dave Rawlings, Fiona Apple, Lone Justice, Sean Watkins, New Found Glory, Tift Merritt, Peter Case, Neil Diamond, Ryan Adams and Powderfinger, Naughty Sweeties City of Glass, as well as many others.

) It also developed the first rolling kitchen and the Phillips packsaddle, a large, steel-framed and heavily padded structure designed to let mules carry howitzer components or other heavy loads.

After Yarborough's death in 1951 ( and therefore Romero's, who also died of a heart attack, as acknowledged on the December 27, 1951 episode " The Big Sorrow "), Friday was partnered with Sergeant Ed Jacobs ( December 27, 1951-April 10, 1952, subsequently transferred to the Police Academy as an instructor ), played by Barney Phillips ; Officer Bill Lockwood ( Ben Romero's nephew, April 17, 1952-May 8, 1952 ), played by Martin Milner ( with Ken Peters taking the role for the June 12, 1952 episode " The Big Donation "); and finally Frank Smith, played first by Herb Ellis ( 1952 ), then Ben Alexander ( September 21, 1952-1959 ).

Phillips also attended and played at UK.

Williams and Phillips also built the first dam where the Clinton River crossed the Saginaw Trail and erected the first sawmill.