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3min chapter
Bill Phillips & His Curve
Debunking Economics - the podcast
The Oppenheimer Moment
Phillips said if he knew how his paper is going to be used, he would never have written it. He was seen as a constant throughout the trade cycle. The deviations either side of the curve he explained by increasing or decreasing levels of unemployment and by wars. And yet he had gone through that approach of saying, well, okay, this is what's happening in the past; Let's predict what's going to happen now.
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