Journal article
Friedman's nobel lecture and the Phillips curve myth.
- Abstract:
-
In his Nobel lecture, Friedman built on his earlier argument for a “natural rate of unemployment” by painting a picture of an economics profession which, as a result of foolish mistakes, had accepted the Phillips curve as offering a lasting trade-off between inflation and unemployment, and was thereby led to advocate a policy of inflation. It is argued here that, in fact, the orthodox economists of the time often did not accept Phillips’ analysis; almost no one made the mistakes in question; ...
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- Publisher copy:
- 10.1017/S1053837210000301
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Bibliographic Details
- Publisher:
- Cambridge University Press
- Journal:
- Journal of the History of Economic Thought
- Volume:
- 32
- Issue:
- 3
- Pages:
- 329 - 348
- Publication date:
- 2010-01-01
- DOI:
- ISSN:
-
1053-8372
Item Description
- Language:
- English
- UUID:
-
uuid:e2135ac0-109f-4f8b-9fe6-b96a05dac824
- Local pid:
- oai:economics.ouls.ox.ac.uk:14974
- Deposit date:
- 2011-08-16
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- Copyright date:
- 2010
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