📈The Phillips curve shows an inverse relationship between inflation and unemployment in the short run.
📉In the long run, unemployment tends to gravitate towards its natural rate regardless of inflation.
📊There are multiple Phillips curves for each economy, depending on the economy's natural rate of unemployment.
💡The Phillips curve trade-off between inflation and unemployment is not a deterministic relationship.
🔎The relationship between inflation and unemployment depends on the economy's adjustment to reach the natural state of unemployment.