Phillips’s curve 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). 

Source: TMH Ramesh Singh