extra

Question 1

phillips curve

Answer 1

u/e against inflation
high u/e, wages stagnate
low u/e, cost-push inflation as CoP increases from wages
to do with labour surplus and worker power

Question 2

phillips curve now

Answer 2

less correlation as
labour regulations
globalisation (migration and off-shoring)
industrial revolution (less workers)

Question 3

inequality kuznets

Answer 3

inequality against GDP/ capita
similar to laffer
everyone poor, then capitalism (owners get rich), then welfare payments, unions, taxes and cultural shift then all equal (?)

Question 4

environment kuznets

Answer 4

same as inequality but zero emissions at end is desirable
increases with industry then people have capacity to care