Occasional X: Clueless economists / Phillips Curve (XV)

 

#LearnRealEconomics

Samuelson/Solow messed up the original #PhillipsCurve back in 1960. ⇒

NAIRU, wage-led growth, and Samuelson's Dyscalculiahttps://t.co/qDrdo8Hdey

The axiomatically correct macrofounded Phillips Curve 3.0 is shown below ⇓. pic.twitter.com/ag5ahiNb8W

— E.K-H (@AXECorg) November 15, 2024

#LearnRealEconomics#PhillipsCurve

The issue is NOT about the type of equation, the issue is about content.

The axiomatically correct macrofounded Phillips Curve 3.0 implies
(i) An increase in the avg wage rate W (in ρF≡W/PR) leads to a lower unemployment rate u.
(ii) An…

— E.K-H (@AXECorg) November 16, 2024