The Phillips Curve Concept in the Sixties

Every one in this generation of economists, with the possible exception of milton freedman, is sort of captivated by the great depression. And that was viewed as the great economic calamity of everyone's lifetime. So i think you're exactly right that that leads to a posture that the fed should be supporting congress when it wats to spend a lot of money, ought to keep unemployment low. There was also a belief in a concept called the phillips curve, which is still important in economics but doesn't have sorof the revered place that it had before the great inflation.

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