How one views these risks depends on the costs of undoing mistakes, which in turn depends on other properties of the inflation-unemployment relationship that Phelps’ analysis did not address. The weight of evidence indicates that the cost of undoing the mistake of pushing unemployment down too far is itself very low, at least for countries like the US, where the relationship has been carefully studied.
人们如何去看待这些风险取决于改正错误的代价，后者又取决于菲尔普斯的分析所没有涉及到的通货膨胀和失业关系的其他一些特性。许多证据表明，改正把失业率推得过大的错误的代价就其本身而言是很小的，至少对美国这种对这种关系研究得很深的国家而言是如此的。根据这种观点，美联储应该极力追求低失业率，直到有现象表明通货膨胀率开始上升为止。