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Sunday, January 21, 2007
First let's kill all the lawyers...
On an email discussion group, libertarian bad boy Stephan Kinsella relayed a college moment that was quite instructive. He was in an econ class and they were learning about the Phillips Curve. He asked, "If all of the unemployed people died overnight, would that cause inflation?" He said that the teacher stuttered something about the curve shifting.
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The Phillips curve is out of favor as a longrun model, right? My understanding, and I'm only beginning to get into more advanced micro, is that the Phillips model is only somewhat true in the shorterm, but that few see any long term correlation between inflation and unemployment.
ReplyDeleteTangentially, there was an opinion piece in the WSJ today by Robert D. McTeer that notes "The Phillip Curve is rarely mentioned anymore, but it pervades the common view that inflation can be tamed only through a weaker economy".
The Phillips curve is out of favor as a longrun model, right? My understanding, and I'm only beginning to get into more advanced micro, is that the Phillips model is only somewhat true in the shorterm, but that few see any long term correlation between inflation and unemployment.
ReplyDeleteTangentially, there was an opinion piece in the WSJ today by Robert D. McTeer that notes "The Phillip Curve is rarely mentioned anymore, but it pervades the common view that inflation can be tamed only through a weaker economy".
And what I want to know is: Which John G is responsible for which comment?
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