The historical place of the 'Friedman-Phelps' expectations critique
AbstractThe 'expectations critique', usually attributed to Friedman or Phelps and dated towards the end of the 1960s, in fact originates much earlier.� And rather than being an insight properly attributable to a particular individual, it was, by that time, a commonplace of economic discussion.� This much is easy to establish.� It is argued that the common attribution arises at least in part because the Keynesians unwisely chose to express their disagreement with Friedman in terms of expectations rather than in terms of the existence of the natural rate of unemployment.� As a result, forty years later, it has become hard to see that two separate points ever existed.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 399.
Date of creation: 01 Jul 2008
Date of revision:
Phillips Curve; Inflation; Expectations Critique;
Other versions of this item:
- James Forder, 2010. "The historical place of the 'Friedman—Phelps' expectations critique," The European Journal of the History of Economic Thought, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(3), pages 493-511.
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-07-20 (All new papers)
- NEP-CBA-2008-07-20 (Central Banking)
- NEP-HIS-2008-07-20 (Business, Economic & Financial History)
- NEP-HPE-2008-07-20 (History & Philosophy of Economics)
- NEP-PKE-2008-07-20 (Post Keynesian Economics)
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- Ioannidis, Yiorgos, 2011. "Employment in the Keynesian and neoliberal universe: theoretical transformations and political correlations," MPRA Paper 45062, University Library of Munich, Germany.
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