In 1974 he developed a theory explaining how random noise in the form of an error rate, as defined in Claude Shannon's information theory causes an inverse linear relationship between unemployment and inflation but at the time such ideas were not taken seriously.
He developed a theory. This was in 1974. How random noise in the form of an error rate, as defined in Claude Shannon's information theory causes an inverse linear relationship between unemployment and inflation. This was what he was explaining in 1974. Such ideas were not taken seriously. This was at the time.