What is the Philips Curve?

Answer 1

It measures the relationship between inflation and employment on a x-y axis. It is depicted as a downward-sloping curve. The curve implies that the relationship between inflation and employment is predictable and stable and this led to the government tinkling with it thinking that the results are reversible. However, in the 1980s, the Philips Curve started to break down.

Answer 2

The philips curve didn't so much break down as people began to realise it did not account for short term and long term situations.

In the long term, there is no trade off between inflation and employment