The historical place of the 'Friedman-Phelps' expectations critique
The 'expectations critique', usually attributed to Friedman or Phelps and dated towards the end of the 1960s, in fact originates much earlier. And rather than being an insight properly attributable to a particular individual, it was, by that time, a commonplace of economic discussion. Th...
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| Format: | Working paper |
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University of Oxford
2008
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| _version_ | 1826259608300158976 |
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| author | Forder, J |
| author_facet | Forder, J |
| author_sort | Forder, J |
| collection | OXFORD |
| description | The 'expectations critique', usually attributed to Friedman or Phelps and dated towards the end of the 1960s, in fact originates much earlier. And rather than being an insight properly attributable to a particular individual, it was, by that time, a commonplace of economic discussion. This much is easy to establish. It is argued that the common attribution arises at least in part because the Keynesians unwisely chose to express their disagreement with Friedman in terms of expectations rather than in terms of the existence of the natural rate of unemployment. As a result, forty years later, it has become hard to see that two separate points ever existed. |
| first_indexed | 2024-03-06T18:52:33Z |
| format | Working paper |
| id | oxford-uuid:10bd42bb-fd65-47ba-85a3-4e39c5c13109 |
| institution | University of Oxford |
| last_indexed | 2024-03-06T18:52:33Z |
| publishDate | 2008 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:10bd42bb-fd65-47ba-85a3-4e39c5c131092022-03-26T09:58:03ZThe historical place of the 'Friedman-Phelps' expectations critiqueWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:10bd42bb-fd65-47ba-85a3-4e39c5c13109Bulk import via SwordSymplectic ElementsUniversity of Oxford2008Forder, JThe 'expectations critique', usually attributed to Friedman or Phelps and dated towards the end of the 1960s, in fact originates much earlier. And rather than being an insight properly attributable to a particular individual, it was, by that time, a commonplace of economic discussion. This much is easy to establish. It is argued that the common attribution arises at least in part because the Keynesians unwisely chose to express their disagreement with Friedman in terms of expectations rather than in terms of the existence of the natural rate of unemployment. As a result, forty years later, it has become hard to see that two separate points ever existed. |
| spellingShingle | Forder, J The historical place of the 'Friedman-Phelps' expectations critique |
| title | The historical place of the 'Friedman-Phelps' expectations critique |
| title_full | The historical place of the 'Friedman-Phelps' expectations critique |
| title_fullStr | The historical place of the 'Friedman-Phelps' expectations critique |
| title_full_unstemmed | The historical place of the 'Friedman-Phelps' expectations critique |
| title_short | The historical place of the 'Friedman-Phelps' expectations critique |
| title_sort | historical place of the friedman phelps expectations critique |
| work_keys_str_mv | AT forderj thehistoricalplaceofthefriedmanphelpsexpectationscritique AT forderj historicalplaceofthefriedmanphelpsexpectationscritique |