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A NEGLECTED INCONSISTENCY IN MILTON FRIEDMAN’S AEA PRESIDENTIAL ADDRESS

  • James Forder (a1)
Abstract

Milton Friedman (1968)—his famous Presidential Address to the American Economic Association—contains an elementary error right at the heart of what is usually supposed to be the paper’s crucial argument. That is the argument to the effect that during an inflation, changing expectations shift the Phillips curve. It is suggested that the fact of this mistake and of its having gone all but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014), Macroeconomics and the Phillips Curve Myth, are suggested.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

James Forder . 2010. “The Historical Place of the ‘Friedman-Phelps’ Expectations Critique.” European Journal of the History of Economic Thought 17 (3): 493511.

James Forder . 2014. Macroeconomics and the Phillips Curve Myth. Oxford: Oxford University Press.

James Forder . 2015. “Textbooks on the Phillips Curve.” History of Political Economy 47 (2): 207240.

David E. W Laidler . 2015. “Three Revolutions in Macroeconomics: Their Nature and Influence.” European Journal of the History of Economic Thought 22 (1): 125.

Edmund S Phelps . 1967. “Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time.” Economica 34 (135): 254281.

Silvie Rivot . 2015. “Rule-based Frameworks in Historical Perspective: Keynes' and Friedman's Monetary Policies versus Contemporary Policy-rules.” European Journal of the History of Economic Thought 22 (4): 601633.

Norikazu Takami . 2015. “The Baffling New Inflation: How Cost-push Inflation Theories Influenced Policy Debate in the Late-1950s United States.” History of Political Economy 47 (4): 605629.

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Journal of the History of Economic Thought
  • ISSN: 1053-8372
  • EISSN: 1469-9656
  • URL: /core/journals/journal-of-the-history-of-economic-thought
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