JACK NICHOLSON: My point of view, while extremely cogent, is unpopular. LOS ANGELES TIMES: Which is? JACK NICHOLSON: That the repressive nature of the legalities vis-a-vis drugs are destroying the legal system and corrupting the police system. LOS ANGELES TIMES: Let\'s talk about acting for a minute.
— Jack Nicholson
The Phillips curve is an economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse relationship. The theory claims that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. However, the original concept has been somewhat disproven empirically due to the occurrence of stagflation in the 1970s, when there were high levels of both inflation and unemployment.