Truth in Teaching Macroeconomics: Mappings of the Aggregate Supply Curve onto the Phillips Curve
AbstractThis essay shows that the stable Phillips curve cannot be mapped off an aggregate supply curve that is linear or exponential. Yet many principles of economics books claim that the stable Phillips curve is a mapping of a stable aggregate supply curve. Treating the stable Phillips curve mechanically as a mapping of the stable aggregate supply curve discourages the cognitive skills that the principles course intends to develop.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 17 (1991)
Issue (Month): 4 (Oct-Dec)
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Phone: (201) 684-7346
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More information through EDIRC
Economics; Macroeconomics; Phillips Curve; Supply;
Find related papers by JEL classification:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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