Hello, Welcome to Known Unknowns, a newsletter that remains devoted to “discredited” and “defunct” economists. Is the Phillips Curve dead? I think that’s the wrong question, because it’s actually been dead since the 1970s, with the onset of stagflation. Since then, economists and policymakers have used the Philips Curve 2.0. All the gleeful “economists are slaves to a dead theory” stories seem to ignore the last 40 years of economic research. But I digress.
Known Unknowns
Known Unknowns
Known Unknowns
Hello, Welcome to Known Unknowns, a newsletter that remains devoted to “discredited” and “defunct” economists. Is the Phillips Curve dead? I think that’s the wrong question, because it’s actually been dead since the 1970s, with the onset of stagflation. Since then, economists and policymakers have used the Philips Curve 2.0. All the gleeful “economists are slaves to a dead theory” stories seem to ignore the last 40 years of economic research. But I digress.