The Phillips curve assumes an inverse relationship between unemployment and inflation rates. But today, both inflation rates and unemployment are low, contradicting some long-held economic assumptions.
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Superimposition of the Frank–Starling and Marik-Phillips curves demonstrating the effects of increasing preload on SV and lung water in a patient who is preload responsive (a) and non-responsive (b). With sepsis, the EVLW curve is shifted to the left. EVLW, extra-vascular lung water; CO, cardiac output; SV, stroke volume.
The Phillips curve: lower, flatter or in hiding? - speech by Jon Cunliffe