"…he that earneth wages, earneth wages to put it into a bag with holes," (Haggai 1:6) Back in the heady, halcyon days of the early 1960's when unemployment was declining and inflation was a tame two percent, government economists enshrined an economic myth called the "Phillips Curve," Named after a prominent British economist, it postulated that inflation and unemployment canceled each other out. It was the economic power of positive thinking. If you had high unemployment, Phillips believed, at least you wouldn't have inflation, and vice versa. Furthermore, the theory produced the notion that inflation could be solved by higher unemployment.
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