The meaning of the "Phillips curve" from 1959 to 1975

Journal article

Before 1970, BriIsh usage of the expression <> almost enIrely restricted that label to relaIonships between wages and unemployment arising from variaIons in the level of demand, and with a very limited range of explanatory variables. In the same period, American usage applied it addiIonally to inflaIon-relaIonships, underlain by cost-push theory, and to relaIonships with many more variables. In the first half of the 1970s, the American usage was also adopted by a group of Britain-based economists, most of whom were associated with the Manchester InflaIon Project. ARer 1975 the American usage became more or less universal both in terms of the language and how the idea was understood. These points are documented and consideraIon given to their explanaIon and consequences

Authors: Forder, J

• Publication status: Accepted
• Peer review status: Peer reviewed
• Publisher: Fabrizio Serra editore
• Journal: History of Economic Ideas
• Acceptance date: 2025-11-27
• EISSN: 1724-2169
• ISSN: 1122-8792
• Language: English