The Phillips Curve states that inflation and unemployment are inversely related. Higher inflation is associated with lower unemployment and vice versa.
The Phillips Curve was a concept that was used to guide macroeconomic policy in the 20th century, but was challenged by the stagflation of the 1970s.
Understanding the Phillips curve in the light of consumer and worker expectations shows that the relationship between inflation and unemployment may not hold up in the long term, or even potentially in the short term.