December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Economic policy
KEY THINKER
Bill Phillips (1914–75)
BEFORE
1936 John Maynard Keynes attempts to explain unemployment and recessions.
1937 British economist John Hicks turns Keynes’s insights into a mathematical model.
AFTER
1968 Milton Friedman argues that the Phillips Curve should account for people’s expectations of inflation, and that there is a “natural” rate of unemployment.
1978 Economists Robert Lucas and Thomas Sargent attack the Phillips Curve.
From 1980s New Keynesian macroeconomics rehabilitates the possibility of stabilizing the macroeconomy (the whole economy).
For 30 years after World War II the world’s more developed economies ...
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