MACROECONOMICS AND THE PHILLIPS CURVE MYTH by James Forder ( 9780199683659 )

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Title:

MACROECONOMICS AND THE PHILLIPS CURVE MYTH

By:

James Forder

Format:

Hardback

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£110.00

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ISBN 10:

0199683654

ISBN 13:

9780199683659

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Publisher:

OXFORD UNIVERSITY PRESS

Pub. date:

9 October, 2014

Series:

Oxford Studies in History of Economics

Pages:

320

Description:

Reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A W H Phillips, after whom it is named.

Synopsis:

This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A W H Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy - either in the theoretical literature or in

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Imprint:

Oxford University Press

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Returnable

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