The historical place of the ‘Friedman—Phelps’ expectations critique

Forder, James

doi:10.1080/09672560903114875

Cited by 22 publications

(17 citation statements)

References 20 publications

(20 reference statements)

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“…Capital stock refers to the plant, property, equipment used in undertaking the productive works of the economy. It also comprises the growth of the social and physical infrastructure such as roads and electricity supply over time (Forder, 2010). From one period to the next, firms experience changing capital stocks and this is essential in determining the rates of employment in a country.…”

Section: Economic Growth and Unemploymentmentioning

confidence: 99%

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Determinants of Unemployment in Bahrain

Alrayes¹,

Wadi²

2018

IJBSS

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This study was conducted to find out the determinants of unemployment in Bahrain. The objectives of the study were to find out the way in which the Gross Domestic Product (GDP), Inflation, Government Expenditure, and Gross Rate of Fixed Capital Formation affects unemployment and to make up policy recommendations from the finding of the study. The study used time series analysis from the year 1980 to 2015. The study found that there is no significant impact of economic growth and inflation on unemployment in Bahrain while there is a significant impact of fixed capital formation and government expenditures on unemployment in Bahrain. The recommendations of the study are that the government should pursue policies that promote economic growth, Gross Rate of Fixed Capital Formation, and carefully and empirically assessed public spending.

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Section: Economic Growth and Unemploymentmentioning

confidence: 99%

“…From one period to the next, firms experience changing capital stocks and this is essential in determining the rates of employment in a country. Often, capital formation is a function of the capital stock of the previous years and an increase in the new stock (Forder, 2010). This is expressed as follows.…”

Section: Economic Growth and Unemploymentmentioning

confidence: 99%

Determinants of Unemployment in Bahrain

Alrayes¹,

Wadi²

2018

IJBSS

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“…Many other technical questions are considered by Anthony Santomero and John Seater (1978), not least those relating to their views on the proper way of modeling expectations. 14 The attribution of this idea to Friedman and Phelps is routine as well as conventional, but quite mistaken-see Forder (2010). The fact that the argument was well understood long before 1966 or 1968 is, of course, a further reason for questioning the received history of the Phillips curve.…”

Section: The Expectations Issue and The Theory Of The Phillips Curvementioning

confidence: 95%

Friedman’s Nobel Lecture and the Phillips Curve Myth

Forder¹

2010

J Hist Econ Thought

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In his Nobel lecture, Friedman built on his earlier argument for a “natural rate of unemployment” by painting a picture of an economics profession which, as a result of foolish mistakes, had accepted the Phillips curve as offering a lasting trade-off between inflation and unemployment, and was thereby led to advocate a policy of inflation. It is argued here that, in fact, the orthodox economists of the time often did not accept Phillips’ analysis; almost no one made the mistakes in question; and very few advocated inflation on bases vulnerable to Friedman’s theoretical criticisms. The Phillips curve was put to various uses, but advocating inflation was hardly amongst them. It is suggested that one lasting result of the uncritical acceptance of Friedman’s history is to limit what appears to be within the reasonable range of views about macroeconomic policy.

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“…(7) Como apontam Arestis e Sawyer (2002; Tcherneva (2008); Fontana (2009), entre outros. (8) Ver Blinder (2004), Solow (2005) e Forder (2007). (9) Como dito anteriormente, no modelo básico do NCM a política fiscal é pré-determinada (uma constante) ou representa um choque exógeno.…”

Section: A Política Fiscal No Pensamento Dominante E Os Indicadores Funclassified

A política fiscal no contexto da financeirização: teoria insuficiente e indicadores inadequados

Arantes

Biasoto

2017

Econ. soc.

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Resumo O trabalho se propõe a problematizar a concepção de política fiscal no pensamento dominante em macroeconomia. A crítica enfoca a insuficiência dessa corrente em captar as relações entre o Estado e o capitalismo financeirizado e a inadequação dos indicadores utilizados para a avaliação da política fiscal. Num padrão de acumulação em que a gestão de ativos e a valorização da riqueza financeira dominam os movimentos dos fluxos econômicos, a política fiscal, muito além de lidar com receitas tributárias e despesas reais, se depara com a gestão dos estoques, seus movimentos e remunerações. Usando o caso da economia brasileira, mostra-se que as ações de natureza financeira e patrimonial que o Estado é compelido a realizar impactam o resultado fiscal de maneira mais significativa que os efeitos das receitas e despesas públicas, de maneira que, os indicadores-síntese utilizados, não expressam a dinâmica real das contas públicas e seu impacto sobre a economia.

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The historical place of the ‘Friedman—Phelps’ expectations critique

Cited by 22 publications

References 20 publications

Determinants of Unemployment in Bahrain

Determinants of Unemployment in Bahrain

Friedman’s Nobel Lecture and the Phillips Curve Myth

A política fiscal no contexto da financeirização: teoria insuficiente e indicadores inadequados

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