The Retreat from Monetarism
J.R. Shackleton, 6 February 1986
“... Labour Party Conference. The unemployment-inflation ‘trade-off’ was embodied in the famous Phillips curve. As early as 1967, in a Presidential Address to the American Economic Association, Friedman had offered a theoretical explanation for the existence of a short-run trade-off, but argued that this option would disappear in the long run. This ... ”