| Abstract: | The notion that policy-makers may encounter problems of conflict in the simultaneous pursuit of macro-economic objectives has accounted for a sizeable segment of the economics literature in recent years. In the academic context, this conflict has attracted considerable attention, generally in the form of the well-known Phillips-curve relationship. Non-academic opinion has also been reasonably well-informed as evidenced by the apparently widespread understanding of the inflation-unemployment trade-off dilemma. |
