PGNPj se = (10.8321) (3759.999) t = (7.5511) (7.2535) r2 = 0.4590
As per capita GNP increases indefinitely, child mortality approaches its asymptotic value of about 82 deaths per thousand. As explained in footnote 18, the positive value of the coefficient of (l/PGNPt) implies that the rate of change of CM with respect to PGNP is negative.
One of the important applications of Figure 6.6b is the celebrated Phillips curve of macroeconomics. Using the data on percent rate of change of money wages (Y) and the unemployment rate (X) for the United Kingdom
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