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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

Authors


Journal:
Journal of the History of Economic Thought
Volume:
32
Issue:
3
Publication date:
2010-01-01
DOI:
URN:
uuid:e2135ac0-109f-4f8b-9fe6-b96a05dac824
Local pid:
oai:economics.ouls.ox.ac.uk:14974
Language:
English

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