Philips curve doesn't exist. There nevertheless could be a Boboli's egg, or, better, Boboli's spiral or even Boboli's inclinated oval cylinder.(posted 7747 days ago)Indeed, if You look at the recent statistics, You will note that while the inflation was going down, the unemployment went on up (just before the Yale and Samuelsson teams entered the White House with Clinton).
What exists, in two dimensions is something like an egg or a circle. Nevertheless, the real graphic shoud, at least, be a 3 dims one : unemployment, inflation and, as third, whether simply the time, or, better, the work/capital ratio by produced unit.
the time as third axe would result in a spiral, the inclinated oval cylinder would be the result of different level of work/capital ratio per produced unit.
This kind of blunder like the Philips curve occurs when economics deeplier worried by politics than by economics accept any figure, even when supposed exogen variable are evidently endogen or correlative.
This occurred with Philips curve where unemployment and inflation both depend and other common factors like the offer7demand ratio.
The same kind of blunder went on with Don Patinkin's monetarist equation where he assumed an endogen variable should be accepted as being exogen.
The deep concern is all that blunder only favour a happy few oligopolists while putting the brake on the normal development of the economy and bringing a lot of misery in many families.
As far as I am concerned, i feel that economy should, like any science,have the happiness of the mankind as aim.
Please point out that i am neither socialist neither communist but a fervent of Adam Smith. He was neither a mercantilist, neither favoured the capitalist Schumpeter so much likes.