In the 20th century 70's, Phillips curve could not explain such reality, "the stagflation" in the economy of western nations.

20世纪70年代，西方经济的“滞胀”使菲利普斯曲线不能解释这样的现实。

youdao

Experience has demonstrated time and again that the Phillips curve is b.s.

FORBES: Unilateral Disarmament

In the 1950s, when the doctrine was first elucidated, and in the 1960s and 1970s, the Phillips curve gulled central bankers left and right, above all at the U.S. Fed.

FORBES: Chairman Bernanke Buries the Phillips Curve: Bravo!