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Macroeconomics and the Phillips Curve Myth (Paperback)
Loot Price: R1,463
Discovery Miles 14 630
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Macroeconomics and the Phillips Curve Myth (Paperback)
Series: Oxford Studies in the History of Economics
Expected to ship within 10 - 15 working days
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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 1950s, 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
actual policymaking. The book demonstrates and identifies a number
of main strands of the actual thinking of the 1950s, 1960s, and
1970s on the question of the determination of inflation and its
relation to other variables. The result is not only a rejection of
the Phillips curve story as it has been told, and a reassessment of
the understanding of the economists of those years of
macroeconomics, but also the construction of an alternative, and
historically more authentic account, of the economic theory of
those times. A notable outcome is that the economic theory of the
time was not nearly so naive as it has been portrayed.
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