Read e-book online Macroeconomics and the Phillips Curve Myth (Oxford Studies PDF

By James Forder

ISBN-10: 0198819870

ISBN-13: 9780198819875

ISBN-10: 0199683654

ISBN-13: 9780199683659

This publication reconsiders the position of the Phillips curve in macroeconomic research within the first two decades following the recognized paintings by way of A W H Phillips, after whom it really is named. It argues that the tale conventionally advised is solely deceptive. In that tale, Phillips made a superb leap forward yet his paintings ended in a view that inflationary coverage may be used systematically to keep up low unemployment, and that it was once simply after the paintings of Milton Friedman and Edmund
Phelps a few decade after Phillips' that this view was once rejected. to the contrary, a close research of the literature of the days exhibits that the belief of a damaging relation among salary swap and unemployment - supposedly Phillips' discovery - was once normal within the 1950, as have been the arguments
attributed to Friedman and Phelps through the traditional tale. And, probably most significantly there's scarcely any signal of the assumption of the inflation-unemployment tradeoff selling inflationary coverage - both within the theoretical literature or in real policymaking. The publication demonstrates and identifies a couple of major strands of the particular taking into consideration the Fifties, Sixties, and Nineteen Seventies at the query of the selection of inflation and its relation to different variables.

The result's not just a rejection of the Phillips curve tale because it has been instructed, and a reassessment of the knowledge of the economists of these years of macroeconomics, but additionally the development of another, and traditionally extra actual account of the industrial thought of these instances. A outstanding consequence is that the industrial thought of the time was once now not approximately so naïve because it has been portrayed.

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Macroeconomics and the Phillips Curve Myth (Oxford Studies in the History of Economics) by James Forder

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