Abstract
This article explores the possibility of visualizing the Phillips curve from a multidimensional perspective. We are using a new multidimensional coordinate space that is entitled Mega-Dynamic Disks Multivariable Random Coordinate Space in Vertical position. The mega-dynamic disks multivariable random coordinate space in vertical position facilitates the graphical visualization behavior of the Phillips curve from a multidimensional graphical point of view. However, we take as main bibliographical reference the original and remarkable paper that was published in Economica by A.W. Phillips in the year 1958. This paper is entitled Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957. Additionally, the same paper is going to be our main database source to build the original Phillip curve into a multidimensional graphical form. In essence, our paper extends the significance of Phillips curve beyond mere theory, but as practical instruments applicable to solving economic problems.
Highlights
According to Phillips (1958), “Each dot in the diagrams represents a year, the average rate of change of money wage rates during the year being given by the scale on the vertical axis and the average unemployment during the year by the scale on the horizontal axis.”
This paper captures multidimensional graphical modeling based on the mega-dynamic disks multivariable random coordinate space in vertical position that we proposed
We clearly observe the relationship between unemployment and wage rates in a logical and systematic order
Summary
Phillips’s groundbreaking paper was published fifty-five years ago. We are proposing a new graphical model to visualize its great contribution to economics. The main inspiration for this paper is based on transforming the original Phillips curve into a multidimensional graphical format that will provide greater understanding about the relation-. Mario Arturo Ruiz Estrada, Su-Fei Yap, Noor Azina Binti Ismail introduction to the mega-dynamic disks multivariable random coordinate space in the vertical position; (v) the construction of the Phillips curve in a multidimensional graphical form; and (vi) observations about the difference between the two-dimensional and multidimensional graphical models in the visualization of the Phillips curve
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