I consider the representation of theory concerning the relationship between inflation and unemployment, as presented in a sample of economics textbooks from the 1940s to the 1980s. It is argued that they contain nothing to contradict the impression from Forder, Macroeconomics and the Phillips Curve Myth (2014), that the history of the Phillips curve as commonly understood in the 1980s and after is fictitious. Indeed, the study of the textbooks substantially confirms the conclusions there. Among the findings pointing in this direction is that the 1960s editions of the textbooks give no impression of there being a naive faith in the possibility of maintaining low unemployment with excess demand and inflationary policy. Even in cases where later editions of the same textbooks assert very firmly that such views were widespread, their expression is not to be found in the 1960s editions.
Skip Nav Destination
Research Article| June 01 2015
Textbooks on the Phillips Curve
History of Political Economy (2015) 47 (2): 207–240.
James Forder; Textbooks on the Phillips Curve. History of Political Economy 1 June 2015; 47 (2): 207–240. doi: https://doi.org/10.1215/00182702-2884309
Download citation file:
Don't already have an account? Register
You could not be signed in. Please check your email address / username and password and try again.
Could not validate captcha. Please try again.
Sign in via your InstitutionSign In
Citing articles via
The Early Reception of the Phillips Curve in the United Kingdom: New Evidence from the Papers of the Council on Prices, Productivity, and Incomes