INFLATION AND UNEMPLOYMENT CASE STUDY: NIGERIA
According to Bross (2006), the relationship between inflation and unemployment was discovered in 1958 by A. W. Phillips. The simple concept is that, when unemployment decreases, workers strive for higher wages. Employers pass these wages on to consumers in the form of higher prices for their products. The higher prices are the evidence of inflation. This relationship then implies that policy makers can only target […]