Phillips curve represented a menu of social choice

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Reference no: EM131006155

A. Draw a Phillips Curve

B. Explain why economists claimed that the Phillips Curve represented a menu of social choice.

C. Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?

D. Given the new view of the Phillips Curve, why do economists believe that a "credible" inflation reducing policy is less costly than an "incredible" inflation reducing polciy. (Use the Phillips Curve diagram in the answer)

Reference no: EM131006155

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