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Book Reviews

Macroeconomics and the Phillips Curve Myth, by James Forder

Oxford: Oxford University Press, 2014, ix+306 pp., £55.00. ISBN 978-0-19-968365-9

 

Notes

1 The first use of the expression ‘Phillips curve’ is in Routh (Citation1959), the first attempted refutation. Its first use in a textbook is Samuelson (Citation1961).

2 Dow certainly discussed trade-offs on p. 403, though he did not use that phrase. There is also nothing on p. 403 about policy-makers consciousness or otherwise, nor at pp. 355n, 356n where the unemployment-inflation/wages issue was also discussed. Dow is of particular significance as joint author of one of the Phillips competitor papers (Dicks-Mireaux and Dow Citation1959).

3 Blaug and Lloyd (Citation2010) have an excellent entry on the Phillips curve (appropriately by Lipsey, whose Citation1960 paper formularising Phillips (Citation1958) is an important part of the overall story (according to Forder (p. 172) ‘more or less the only early paper that can properly be regarded either as inspired by Phillips or as refining his relation’); Lipsey was at that point an LSE colleague). Curiously, however, they also do not comment on the unusual speed of diffusion.

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