what form did the phillips curve relationship take after 1970
Phillips curve While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.[1] In 1968, Milton Friedman asserted that the Phillips curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment.[2][3] Friedman then correctly predicted that in the 1973–75 recession, both inflation and unemployment would increase.[3] The long-run Phillips curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment.[4] In recent years the slope of the Phillips curve appears to have declined and there has been significant questioning of the usefulness of the Phillips curve in predicting inflation. Nonetheless, the Phillips curve remains the primary framework for understanding and forecasting inflation used in central banks.[5]
Captain Phillips (film) Captain Phillips is a 2013 American biographical survival thriller film directed by Paul Greengrass and starring Tom Hanks and Barkhad Abdi. The film is inspired by the true story of the 2009 Maersk Alabama hijacking, an incident during which merchant mariner Captain Richard Phillips was taken hostage by pirates in the Indian Ocean led by Abduwali Muse.