By Robert Leeson
Nearly all of up to date macroeconomics is underpinned through 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 nice 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 This quantity additionally comprises six of Phillips' formerly unpublished essays, 4 of which have been lengthy idea to were misplaced.
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Additional resources for A. W. H. Phillips: Collected Works in Contemporary Perspective
He stayed with us one summer in a cottage which contained a broken-down out-of-tune old piano. We moaned what a pity that it was so out of tune that we really could not use it. Bill went to his car, fetched his spanner and set to work tuning the piano. He never complained about a dif®culty; he just worked out how to put it right and then proceeded to do so. Just before his stroke, I received a letter from him asking whether there would be any chance of getting a position in Cambridge to work with Dick Stone and myself on dynamic macroeconomics again.
It is concerned with the analysis of any market `where stocks are held from investment or speculative motives'. Figure 1 in Bill's paper, which relates price to the quantity of stock, shows the effect of a change in demand on price with stocks ®xed, at an instant in time. In his Figure 2, price is related to the rate of ¯ow of the commodity per unit of time and shows the effect on prices when this rate of ¯ow is increased. The conclusion is that: the combination cannot be shown in a diagram since stocks and rates of ¯ow are incommensurable, as, for example, distance and speed.
Combining the verbatim text in section 2 with the summarised text of section 3, it would not be unreasonable to conclude that the overall message was that the hydraulic analogy was necessary for combining stocks and ¯ows. In view of the theme of this section, it is surprising that the IS/LM synthesis (Hicks 1937) was not scrutinised; perhaps the reference lists in Bill's subsidiary course did not include items in Econometrica. 1 (Bill's ®gure 4). In reading the paper, on the occasion described, I read no further than that.