Paul Krugman reinvents the wheel

In his latest column "Wonking Out: Taking the 'Flation' Out of Stagflation", Paul Krugman postulates that the "Phillips Curve"—the relationship between the level of employment and the rate of inflation, which is a central concept in all macroeconomic models—may not be a straight line, as most models assume it to be, but be steep near full employment and relatively flat at higher levels of unemployment:

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