On 11/13/2011 4:46 PM, Doug Mackenzie wrote:
> The original Samuelson-Solow Phillips curve proposed
> a stable permanent trade-off between inflation and
> unemployment, based on the assumption of static
> expectations.


Samuelson and Solow (1960, p.185):
"a period of high demand and rising prices molds attitudes,
expectations, even institutions in such a way as to bias the
future in favor of further inflation."

Cheers,
Alan Isaac