By Milton Friedman and C A E Goodhart
ISBN-10: 0255365381
ISBN-13: 9780255365383
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Extra resources for Money, Inflation and the Constitutional Position of Central Banks
Sample text
I believe that some of the people who have followed in his footsteps deserve much more criticism than he does for not noting the importance of this theoretical point once it was pointed out to them. At any rate, it was this general intellectual climate that led Phillips to think in terms of nominal rather than real wages. The intellectual climate was also important in another direction. The Keynesian system, as everybody knows, is incomplete. It lacks an equation. A major reason for the prompt and rapid acceptance of the Phillips curve approach was the widespread belief that it provided the missing equation that connected the real system with the monetary system.
U n e m p l o y m e n t v e r s u s i n f l at i o n ? I do not criticise Phillips for doing this. Science is possible only because at any one time there is a body of conventions or views or ideas that are taken for granted and on which scientists build. If each individual writer were to go back and question all the premises that underlie what he is doing, nobody would ever get anywhere. I believe that some of the people who have followed in his footsteps deserve much more criticism than he does for not noting the importance of this theoretical point once it was pointed out to them.
75. u n e m p l o y m e n t v e r s u s i n f l at i o n ? achieve anything other than the natural rate of unemployment. And you can see why. Because – to go back to my initial Phillips curve analysis – the only way in which you ever get a reduction of unemployment is through unanticipated inflation. If the government follows any fixed rule whatsoever, so long as the people know it, they will be able to take it into account. And consequently you cannot achieve an unemployment target other than the natural rate by any fixed rule.
Money, Inflation and the Constitutional Position of Central Banks by Milton Friedman and C A E Goodhart
by Kenneth
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