Truth in Teaching Macroeconomics: Mappings of the Aggregate Supply Curve onto the Phillips Curve

This essay shows that the stable Phillips curve cannot be mapped off an aggregate supply curve that is linear or exponential. Yet many principles of economics books claim that the stable Phillips curve is a mapping of a stable aggregate supply curve. Treating the stable Phillips curve mechanically as a mapping of the stable aggregate supply curve discourages the cognitive skills that the principles course intends to develop.

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Year of publication:	1991
Authors:	Wulwick, Nancy J.
Published in:	Eastern Economic Journal. - Eastern Economic Association - EEA, ISSN 0094-5056. - Vol. 17.1991, 4, p. 403-408
Publisher:	Eastern Economic Association - EEA
Subject:	Economics \| Macroeconomics \| Phillips Curve \| Supply

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Extent:	application/pdf
Type of publication:	Article
Classification:	A22 - Undergraduate ; E24 - Employment; Unemployment; Wages ; E31 - Price Level; Inflation; Deflation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005641733