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The Phillips Curve

In: Milton Friedman

Author

Listed:
  • James Forder

    (University of Oxford)

Abstract

Friedman’s observations on the Phillips curve are considered. Consonant with Macroeconomics and the Phillips curve myth, it is argued that the idea that policymakers ever believed excess demand could bring low unemployment at the expense of only stable inflation is a fiction, and that in any case, Friedman made no original arguments on the point. Close analysis of what Friedman said about the Phillips curve, and when he said it bears out that view, and shows that Friedman adopted a fictitious historical story in 1975 and thereafter gave inappropriate emphasis to his own supposed innovation in the matter.

Suggested Citation

  • James Forder, 2019. "The Phillips Curve," Great Thinkers in Economics, in: Milton Friedman, chapter 0, pages 291-306, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-38784-4_16
    DOI: 10.1057/978-1-137-38784-4_16
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