The Phillips Curve: Unemployment vs. Inflation
Phelps on the Phillips Curve
The economist Edmund Phelps of Columbia University won the Nobel Prize for faulting the strictly statistical Phillips Curve for failing to take into consideration how the wage and price inflation predictions, both of individuals and of companies, affected their purchasing and hiring decisions. Phelps asserted the drivers of inflation went beyond the two dimensional graph of unemployment and inflation.
Please see < milestone.pdf > for a wonderful article by Friendly and Denis on the history of "thematic cartography, statistical graphics, data visualization." The NCB would say "curves."