Journal article
A neglected inconsistency in Milton Friedman's AEA Presidential Address
- Abstract:
- Friedman (1968) – his famous Presidential Address to the American Economic Association – contains an elementary error right at the heart of what is usually supposed to be the paper’s crucial argument. That is the argument to the effect that during an inflation, changing expectations shift the Phillips curve. It is suggested that the fact of this mistake, and of its having gone all-but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014) Macroeconomics and the Phillips curve myth, are suggested.
- Publication status:
- Accepted
- Peer review status:
- Peer reviewed
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- Files:
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(Preview, Accepted manuscript, pdf, 103.7KB, Terms of use)
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Authors
- Publisher:
- Cambridge University Press
- Journal:
- Journal of the History of Economic Thought More from this journal
- Publication date:
- 2015-01-01
- EISSN:
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1469-9656
- ISSN:
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1053-8372
- Pubs id:
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pubs:577242
- UUID:
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uuid:04eec49c-c4dd-4b1a-a657-a149f7e18672
- Local pid:
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pubs:577242
- Source identifiers:
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577242
- Deposit date:
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2015-11-28
- ARK identifier:
Terms of use
- Copyright date:
- 2015
- Notes:
- This paper has been accepted for publication in Journal of the History of Economic Thought.
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