The performance of the economy in the short term is emphasized by Phillips economists.
Since neoclassical economists think that long-term growth will ultimately determine the standard of living and that recessions will eventually pass in a few years, they tend to place a relatively greater emphasis on long-term growth than on fighting them.
An economic concept known as the Phillips curve explains the connection between inflation, or how much prices are rising year over year, and the level of unemployment experienced nationwide.
The Phillips curve shows how the rate of unemployment and inflation interact. In the long run, there is no constant trade-off between inflation and unemployment, as shown by the vertical long-run Phillips curve.
Therefore, the correct answer is option A. Phillips; short.
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