A. W. H. Phillips

A. W. H. Phillips was an economist known for discovering the relationship between unemployment and inflation, now called the Phillips Curve. He observed that when unemployment is low, inflation tends to be high, and vice versa. This indicates a trade-off: reducing unemployment might increase inflation, while controlling inflation could raise unemployment. His work helps policymakers understand the balance between driving economic growth and managing price increases, though the relationship can change over time and under different economic conditions.