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| Author | : James Forder |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 321 |
| Release | : 2014 |
| Genre | : Business & Economics |
| ISBN | : 0199683654 |
Download Macroeconomics and the Phillips Curve Myth Book in PDF, ePub and Kindle
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.
| Author | : Michel De Vroey |
| Publisher | : |
| Total Pages | : 8 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download A Review of James Forder, Macroeconomics and the Phillips Curve Myth Book in PDF, ePub and Kindle
In this review, I argue that Forder makes a fine job in debunking the story told by Friedman in his Nobel prize lecture about the Phillips curve yet fails to assess the validity of Phelps's and Friedman's contributions to the Phillips curve theory.
| Author | : James Forder |
| Publisher | : |
| Total Pages | : 306 |
| Release | : 2014 |
| Genre | : Macroeconomics |
| ISBN | : 9780191763281 |
Download Macroeconomics and the Phillips Curve Myth Book in PDF, ePub and Kindle
This volume 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.
| Author | : James Forder |
| Publisher | : |
| Total Pages | : |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Nine Views of the Phillips Curve Book in PDF, ePub and Kindle
| Author | : James Forder |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Textbooks on the Phillips Curve Book in PDF, ePub and Kindle
I consider the representation of theory concerning the relationship of inflation and unemployment, as presented in a sample of economics textbooks from the 1940s to the 1980s. It is argued that they contain nothing to contradict the impression from Forder, Macroeconomics and the Phillips curve myth, that the history of the Phillips curve as commonly understood in the 1980s and after is fictitious. Indeed, the study of the textbooks substantially confirms the conclusions there. Amongst the findings pointing in this direction is that the 1960s editions of the textbooks give no impression of there being a naïve faith in the possibility of maintaining low unemployment with excess demand and inflationary policy. Even in cases where later editions of the same textbooks assert very firmly that such views were widespread, their expression is not to be found in the 1960s editions.
| Author | : Stephanie Kelton |
| Publisher | : PublicAffairs |
| Total Pages | : 311 |
| Release | : 2020-06-09 |
| Genre | : Business & Economics |
| ISBN | : 1541736206 |
Download The Deficit Myth Book in PDF, ePub and Kindle
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
| Author | : Richard G. Lipsey |
| Publisher | : Cheltenham, UK : E. Elgar Pub. |
| Total Pages | : 498 |
| Release | : 1997 |
| Genre | : Business & Economics |
| ISBN | : |
Download Macroeconomic Theory and Policy Book in PDF, ePub and Kindle
An autobiographical introduction is followed by 20 essays which consider the Phillips Curve, wage rates and profits; the various theories of the causes of inflation, exploring issues such as the depreciation of money, monetarism, and cost-push versus demand-pull inflation; anti-inflation policies, focusing on incomes policies, trade credit and monetary policy and wage-price controls; an evaluation of Keynesian microeconomics, as well as inflation and the national income model; and supply-side economics. No index. Annotation copyrighted by Book News, Inc., Portland, OR
| Author | : James Forder |
| Publisher | : OUP Oxford |
| Total Pages | : 321 |
| Release | : 2014-10-09 |
| Genre | : Business & Economics |
| ISBN | : 0191506567 |
Download Macroeconomics and the Phillips Curve Myth Book in PDF, ePub and Kindle
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 naïve as it has been portrayed.
| Author | : Cullen Roche |
| Publisher | : Macmillan |
| Total Pages | : 252 |
| Release | : 2014-07-08 |
| Genre | : Business & Economics |
| ISBN | : 1137279311 |
Download Pragmatic Capitalism Book in PDF, ePub and Kindle
An insightful and original look at why understanding macroeconomics is essential for all investors
| Author | : Thomas Vogt |
| Publisher | : GRIN Verlag |
| Total Pages | : 29 |
| Release | : 2008-06-09 |
| Genre | : Business & Economics |
| ISBN | : 3638059839 |
Download Inflation and the Phillips curve Book in PDF, ePub and Kindle
Seminar paper from the year 2007 in the subject Economics - Economic Cycle and Growth, grade: 1,0, University of applied sciences Frankfurt a. M., course: Inflation and the Phillips Curve, language: English, abstract: In this paper the author will discuss the relation of inflation and the Phillips curve. First, the concept and the different forms of inflation and their economical reasons will be explained. Afterwards the three prevalent models of the Phillips curve in literature are introduced and explained. The author will look into the theory of the NRU and NAIRU and how they relate to the concept of the Phillips curve. In the last part of the paper, the applicability and validity of the Phillips curve for Germany is investigated more closely and the characteristics of the Phillips curve for Germany will be described. The Phillips curve originates of an empirical study of Arthur W. Phillips in 1958. There he describes the existence of a negative relationship between the rate of unemployment and the nominal wage growth in the UK between the years 1861-1957. The curve shows, that the higher the rate of unemployment, the lower the rate of wage inflation. His work represented a milestone in the development of macroeconomics. Especially in the sixties and seventies, politicians in the USA and Europe thought they can interpret the relation of inflation and unemployment as a menu card of fiscal and monetary policy. A well-known quote by Helmut Schmidt, former chancellor of Germany in the 1970s, supports this thinking, when he said that an inflation rate of five percent is better than a five percent rate of unemployment. In the following years, a lot of different economist (Keynes, Samuelson, Friedman, Phelps, Lipsey et al.) modified the original curve and supported it with their customized theories. In this paper the author will discuss the relation of inflation and the Phillips curve. First, the concept and the different forms of inflation and their economical reasons will be explained. Afterwards the three prevalent models of the Phillips curve in literature are introduced and explained. The author will look into the theory of the NRU and NAIRU and how they relate to the concept of the Phillips curve. In the last part of the paper, the applicability and validity of the Phillips curve for Germany is investigated more closely and the characteristics of the Phillips curve for Germany will be described.
