Economics Questions

Re: The Phillips Curve

Esuric — Tue, 11 May 2010 10:32:34 GMT

All the current schools of economic thought seem to disagree with each other on everything.

Except that government intervention is necessary, at times. Only the Austrians and the Marxists reject this position, but for entirely different reasons, obviously.

Re: The Phillips Curve

Prateek Sanjay — Tue, 11 May 2010 10:29:33 GMT

"OK. So what is the Austrian position with regards to the NAIRU?"

Anything monetarist is very likely to be rejected by anybody who is not Chicagoan.

All the current schools of economic thought seem to disagree with each other on everything.

Re: The Phillips Curve

Esuric — Tue, 11 May 2010 10:21:37 GMT

Long-run or short-run Philips curve?

Re: The Phillips Curve

ITGF — Tue, 11 May 2010 08:50:41 GMT

OK. So what is the Austrian position with regards to the NAIRU?

Re: The Phillips Curve

Solid_Choke — Tue, 11 May 2010 07:41:48 GMT

Austrian, Neo Classical, and even many New Keynsian economists reject the Phillips Curve. Austrians are by no means the only ones. I won't answer for the Austrians, but as for the rest; because no such relationship holds. Seriously, do you have any statistics programs? Donwload some datasets from the Federal Reserve and run a linear regression using unemployment and inflation. What do you think you will find? No such relationsip.

The Phillips Curve

ITGF — Tue, 11 May 2010 07:36:15 GMT

I understand that Austrian economists reject the Phillips curve. Is this correct? And if so, on what basis?