Truth in Teaching Macroeconomics: Mappings of the Aggregate Supply Curve onto the Phillips Curve
This 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.
Volume (Year): 17 (1991)
Issue (Month): 4 (Oct-Dec)
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