Give a Brief History of Usage of the Philipps Curve

-During the 50s and 60s, the Government used the Curve to Manage the Trade-Offs between Inflation and Unemployment -During the 70s, the Relationship began to Break down, as Stagflation occurred (Low Growth, High Unemployment, High Inflation) -Monetarists Economists thus stated that the Short Run Philipps Curve only considered the Current Rate of Inflation, and not the Expected Rate of Inflation (Adaptive Expectations) -Thus was born the Long Run Philipps Curve