this post was submitted on 20 May 2025
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Wellll... they work just fine for their intended purpose - demonstrate the correlation between 2 variables in an understandable way.
What you are (correctly) referencing is that there is a much more complex system in reality than the simplified model - they literally exist to try and explain difficult concepts in digestible ways. Everyone's eyes glaze over if you try to do the "if this, then that, but if this then the other (at 45 variables level).
So yes, inflation is wildly more complex than just money supply or demand push inflation (the flavour the Phillips curve is looking at).
But the people in this thread bitching about economists dumbing stuff down so they can understand it resulting in simplistic models that don't reflect the real world would be just as quick to bitch about how they're in an ivory tower because they refuse to explain things in laymans terms.
Damned if you do, damned if you don't.