Warianty tytułu
The Exposition of the Natural Rate Hypothesis by Edmund S. Phelps and Milton Friedman
Języki publikacji
Abstrakty
W artykule dokonano porównania sposobu wyprowadzenia koncepcji Edmunda S. Phelpsa i Miltona Friedmana dotyczącej naturalnej stopy bezrobocia z perspektywy przyjętych założeń, odnoszących się do funkcjonowania rynku pracy. Pierwszą część pracy poświęcono formalnemu wywodowi Phelpsa, w drugiej omówiono ekspozycję stopy naturalnej autorstwa Friedmana, natomiast w ostatniej części porównano podejścia obu ekonomistów.
The most popular explanation of inflation-unemployment relation in the post-war period based on the Phillips-Lipsey curve was strongly criticized in the 1960s. On the one hand, the empirical researches questioned this model proving the existence of stagflation. On the other hand, it was underlined that the model omits the expectations and imposes the false assumption of money illusion. All these observations gave rise to the natural rate hypothesis (NRH) formulated independently by Edmund S. Phelps and Milton Friedman. Although they attained the same conclusions, their way of reasoning was quite different. Phelps focused on the behaviour of unemployed workers and presented the NRH by the means of sophisticated and difficult formal mathematical apparatus. Friedman concentrated on the fluctuations of employment rather than unemployment and used a simple and lucid descriptive exposition showing explicitly all the basic theoretical and practical implications. It was probably the main cause why it was Friedman's interpretation that became more popular in the economic literature. (original abstract)
Rocznik
Numer
Strony
9--29
Opis fizyczny
Twórcy
autor
Bibliografia
- Belka, M. (1986), Doktryna ekonomiczno-społeczna Miliona Friedmana, PWN, Warszawa.
- Friedman, M. (1968), The Role of Monetary Policy, American Economic Review vol. 58, nr 1.
- Friedman, M. (1977), Nobel Lecture: Inflation and Unemployment, Journal of Political Economy vol. 85, nr 3.
- Lipsey, R.G. (1960), The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1862-1957; A Further Analysis, Economica vol. 27, nr 105.
- Lipsey, R.G. (1978), The Place of the Phillips Curve in Macroeconomic Models, w: A.R. Bergstrom et al., Stability and Inflation, John Wiley, Chichester.
- Phelps, E.S. (1967), Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time, Economica vol. 34, nr 135.
- Phelps, E.S. (1968), Money Wage Dynamics and Labor Market Equilibrium, Journal of Political Economy vol. 76, nr 4.
- Phelps, E.S. (1970), Money Wage Dynamics and Labor Market Equilibrium, w: E.S. Phelps et al., Microeconomics Foundations of Employment and Inflation Theory, WW. Norton & Company Inc., New York.
- Phillips, A.W. (1958), The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica vol. 25, nr 100.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000141996549