THE PHILLIPS CURVE IN DEVELOPING ECONOMIES: A CASE STUDY OF  UZBEKISTAN

Umida     Yakubjanova

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The journal provides the opportunity to the authors to publish their original research articles in Multidisciplinary field. Journal of Modern Educational Achievements is an open access peer reviewed monthly journal. The journal is refereed and follows the ethics and practices of ethical open access publishing. All the manuscripts received for publication passes through extensive double blind peer review process. The journal covers the multidisciplinary areas of Engineering, Technology, Management, Sciences and Humanities. Authors can submit their original manuscripts for peer review. This journal locates in the following adressy: Yavatmal city, 623727, India.

Published Dec 20, 2024

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Vol. 11 (2024): JMEA Journal of Modern Educational Achievements

Umida Yakubjanova

Abstract

The Phillips curve, introduced by Alban William Phillips in 1958, highlights an
inverse relationship between inflation and unemployment, suggesting that reducing
inflation requires increasing unemployment, and vice versa. While this theory was
initially supported by empirical data, it faced challenges in the 1970s when
stagflation—high inflation and unemployment simultaneously—occurred,
contradicting the model’s predictions.

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