Explanation: It is a graphic curve which advocates a relationship between inflation and unemployment in an economy.

• As per the curve there is a ‘trade off’ between inflation and unemployment, i.e., an inverse relationship between them.
• The curve suggests that lower the inflation, higher the unemployment and higher the inflation, lower the unemployment.
• During the 1960s, this idea was among the most important theories of the modern economists.
• This concept is known after the economists who developed it—Alban William Housego Phillips (1914–75).
• Bill Phillips (popular name) was an electrical engineer from New Zealand and was an economist at the London School of Economics when propounded the idea.

Source: TMH Ramesh Singh