Every academic discipline has dirty secrets. Those of economics include the fact that some of our best known principles are based on very thin data. The Phillips curve, which is relevant to much of ...
The Phillips curve predicts that when the unemployment rate drops, inflation will rise as businesses compete for scarce labor and drive up wages. The late William Phillips, a neo-Keynesian economist ...
About a half-century ago, my investment and economic mentor, Bradford F. Story, remarked that leaders at the Federal Reserve and Treasury would never succeed until they disabused themselves of the ...
If you want to be remembered in economics, get yourself a curve. There’s the Lorenz curve, the Laffer curve, the Kuznets curve, and, probably most famous, the Phillips curve. Phillips was A.W.
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