October 31, 2019

Links on the Phillips Curve

Comment on Brad DeLong on ‘Is the Phillips Curve Dead or Is It Just Hibernating?’

Blog-Reference and Blog-Reference

The NAIRU Phillips Curve is ― like the consumption function, IS-LM, or, for that matter, supply-demand-equilibrium ― a rather idiotic construct. So, the question of whether the Phillips Curve is dead is as meaningless as How-many-angels-can-dance-on-a-pinpoint. Economists, though, have not grasped it to this day. The question of whether economists are still intellectually dead has an unambiguous answer: YES.

► Right policy depends on true theory
► The end of Mankiw and his Phillips Curve
► NAIRU, wage-led growth, and Samuelson's Dyscalculia
► Keynes’ Employment Function and the Gratuitous Phillips Curve Disaster
► Essentials of Constructive Heterodoxy: Employment
► The Three Fatal Mistakes of Yesterday Economics: Profit, I=S, Employment


Wikimedia AXEC36b The structural-axiomatic 2-sector Employment Law/Phillips Curve