What this, in effect, has meant in practical policy setting is, formulating a balance between the two objectives depending on the evolving situation but within the broad context of keeping the inflation rate within a reasonable bound.
Some rejected this notion – out of common sense and practical experience – and did it before scholars in universities could prove that it was theoretically fragile and empirically elusive. I view this episode – in which honest civil servants were ahead of their times in rejecting faulty propositions – as highly symbolic.