Did you tune in to the one on a premier Trump government official praising User Alexandria Ocasio-Cortez, the brand new liberal firebrand in the Bronx?

Lawrence Kudlow, movie director of Chairman Trump’s Federal Monetary Council, singled out Ms. Ocasio-Cortez to own supplement has just – an unusual and you will smoking cigarettes exemplory instance of anyone on the right and you can the brand new remaining ganging on a professional tenet of traditional middle.

Just what lead to so it conference of thoughts are a thought called the “Phillips bend.” The economist George Akerlof, an effective Nobel laureate additionally the husband of former Government Reserve sofa Janet Yellen, immediately after known as Phillips bend “possibly the unmarried main macroeconomic matchmaking.” Therefore it is well worth remembering exactly what the Phillips bend is actually, as to why it takes on a central role into the traditional economics and just why it has got a lot of critics. (more…)