International records / OpenAlex research

Assessment of the Impact of Inflation and Unemployment on the Nigerian Economy: Some Mathematical Systems Predictions for Politico-Economic Growth and Development

Economic theory suggests that the rate of inflation rises as unemployment rate falls. This has been formalized according to what is known as the Phillips Curve. However, economists such as Milton Friedman and Edmund Phelps have disapproved of Phillips curve thesis, stating that the trade-off between unemployment and inflation only existed in the short-run. Other Economists over the years, have disproved the authenticity of the trade-off thesis as postulated by Phillips by observing that both high inflation rates and high unemployment rates were discovered to coexist, giving rise to what has co…