■ noun Economics a supposed inverse relationship between the level of unemployment and the rate of inflation.
Origin
1960s: named after the New Zealand economist Alban W. H. Phillips .
■ noun Economics a supposed inverse relationship between the level of unemployment and the rate of inflation.
Origin
1960s: named after the New Zealand economist Alban W. H. Phillips .
Concise Oxford English vocab. Сжатый оксфордский словарь английского языка. 2004