A.W.H. Phillips (1914–1975)

James Forder ()
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James Forder: University of Oxford

Chapter Chapter 23 in The Palgrave Companion to LSE Economics, 2019, pp 579-613 from Palgrave Macmillan

Abstract: Abstract A.W.H. ‘Bill’ Phillips was an innovative and sometimes path-breaking economist, but one whose achievements and influence have been much exaggerated. The famous ‘Phillips curve’ was neither as innovative, insightful, nor influential as it has been portrayed; the ‘Phillips machine’, although innovative, left little mark. His work on the theory of stabilisation policy and econometric theory was of much greater intellectual value. But attempts at finely tuned macroeconomic control with which the former was concerned feel thoroughly out of favour. Phillips’s work on econometrics went largely unnoticed, and his insights were later rediscovered after his death. There are indications too, that his econometric insights persuaded Phillips himself that the stabilisation policy with which so much of his work had been concerned could not be made effective.

Keywords: Phillips curve; Phillips machine; Stabilisation policy; Wage determination; Inflation and unemployment; Econometric theory; Lucas critique (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-58274-4_23

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DOI: 10.1057/978-1-137-58274-4_23

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