The cardinal signs are associated with starting things, initiating things or being enterprising. They are forceful and aggressive and have the will to accomplish something, often something new. They project into the world.
Definition of 'Phillips Curve'. Definition: The inverse relationship between unemployment rate and inflation when graphically charted is called the Phillips curve. William Phillips pioneered the concept first in his paper The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957,' in 1958.
The trade-off between inflation and unemployment was first reported by A. W. Phillips in 1958âand so has been christened the Phillips curve. The simple intuition behind this trade-off is that as unemployment falls, workers are empowered to push for higher wages.