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The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957精选.pdf

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The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957精选

The Suntory and Toyota International Centres for Economics and Related Disciplines The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957 Author(s): A. W. Phillips Source: Economica, New Series, Vol. 25, No. 100 (Nov., 1958), pp. 283-299 Published by: Wiley on behalf of The London School of Economics and Political Science and The Suntory and Toyota International Centres for Economics and Related Disciplines Stable URL: /stable/2550759 Accessed: 15-08-2014 21:25 UTC Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use, available at /page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. Wiley, The London School of Economics and Political Science and The Suntory and Toyota International Centres for Economics and Related Disciplines are collaborating with JSTOR to digitize, preserve and extend access to Economica. This content downloaded from 17 on Fri, 15 Aug 2014 21:25:28 UTC All use subject to JSTOR Terms and Conditions 1958] The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-19571 By A. W. PHILLIPS I. HYPOTHESIS When the demandfor a commodityor serviceis high relativelyto the supplyof it we expectthe priceto rise,the rateof risebeinggreater the excessdemand. when the demandis low the gre