The original Phillips curve argued that there was a long-run tradeoff between inflation and unemployment.

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The original Phillips curve, developed by William Phillips in 1958, suggested that there was a negative relationship between unemployment and inflation in the short run. However, some economists argued that there was a long-run tradeoff between the two variables, which was later modified by the natural rate hypothesis proposed by Milton Friedman and Edmund Phelps in the 1970s.

The Original Phillips Curve Argued That There Was a Long-Run