a curve that purports to plot the relationship between unemployment and inflation on the theory that as inflation falls unemployment rises and vice versa
Word origin
C20: named after A. W. H. Phillips (1914–75), New Zealand economist who formulated the theory
Phillips curve in American English
(ˈfɪlɪps)
[alsoP- C-]
a curve illustrating a theoretical inverse relationship between rates of unemployment and of inflation