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Harry Johnson on the Phillips Curve

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  • James Forder

Abstract

It is noted that Harry G. Johnson was widely admired for his broad knowledge of economics, and particularly for the excellence and synthesizing quality of much of his writing. His discussions of the “Phillips curve†and related matters are considered. It is found that they are brief, inaccurate, and inconsistent. It is clear that, despite his reputation, they should not be treated as authoritative. It is further suggested that rather than supposing that Johnson’s knowledge and capabilities have been grossly exaggerated, it may be better to conclude that the Phillips curve was not nearly so important in the literature of the 1960s and 1970s as has been supposed.

Suggested Citation

  • James Forder, 2016. "Harry Johnson on the Phillips Curve," Economics Series Working Papers paper-803, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:paper-803
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    References listed on IDEAS

    as
    1. A. W. Phillips, 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957," Economica, London School of Economics and Political Science, vol. 25(100), pages 283-299, November.
    2. G. L. Reuber, 1964. "The Objectives of Canadian Monetary Policy, 1949-61: Empirical "Trade-Offs" and the Reaction Function of the Authorities," Journal of Political Economy, University of Chicago Press, vol. 72(2), pages 109-109.
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    Cited by:

    1. James Forder, 2016. "What was the message of Friedman," Economics Series Working Papers 814, University of Oxford, Department of Economics.

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    More about this item

    Keywords

    Phillips curve; Harry Johnson; expectations; Phillips curve; Phillips curve myth;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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