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By Robert Leeson

Almost all of latest macroeconomics is underpinned by way of a Phillips curve of 1 kind or one other, and this quantity collects for the 1st time the most important works of 1 of the good economists. as well as twelve great items, twenty-nine economists together with Lawrence Klein, James Meade, Thomas Sargent, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt spotlight and interpret Phillips' ongoing impact. This quantity additionally includes six of Phillips' formerly unpublished essays, 4 of that have been lengthy inspiration to were misplaced.

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Additional resources for A. W. H. Phillips: Collected Works in Contemporary Perspective

Example text

In the 1950s there seemed to be a hope that ``full'' employment could be maintained if only the tendency to in¯ation that went with it could be controlled . . ' James Meade stated that the interpretation contained in this chapter `certainly chimes in with my opinion of Bill's work and character . . I am quite certain that Bill was very conscious of the limitations to which you could reduce the level of unemployment without incurring a runaway in¯ation' (correspondence). For a discussion of these, and related matters, see Leeson (1999).

It has to be assumed that rational expectation of post-tax income is re¯ected in the propensity to save, leaving consumption as the residue. When the machine was ®nished, it was taken to the LSE and demonstrated at the celebrated Lionel Robbins seminar in November 1949. A photograph was taken during that event and reveals Bill's tendency to chain-smoking whenever he was working, thinking about a problem or declaiming (see chapter 11, p. 105). It was as a result of James Meade's The Origins of the Machine 37 enthusiastic response on this occasion that Bill was appointed an assistant lecturer to work on the Mark II version of the machine.

It is highly probable that his addiction to untipped cigarettes was a signi®cant contributing factor in his deteriorating health and diminished research output in the 1960s, in his major stroke in 1969, and, in the end, in his premature death. M. Keynes wrote to Duncan Grant: Yesterday came news that two of our undergraduates were killed, both of whom I knew, though not very well, and was fond of. And to-day Rupert's death. In spite of all one has ever said I ®nd myself crying for him. It is too horrible, a nightmare to be stopt [sic] anyhow.

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