A. W. H. Phillips: Collected Works in Contemporary by Robert Leeson

By Robert Leeson

Almost all of up to date macroeconomics is underpinned by way of a Phillips curve of 1 type or one other, and this quantity collects for the 1st time the key works of 1 of the nice economists. as well as twelve noticeable 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 This quantity additionally comprises six of Phillips' formerly unpublished essays, 4 of that have been lengthy notion to were misplaced.

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Following comments by Conrad, I had the honour of presenting the manuscript version of the festschrift to Professor Phillips on behalf of the contributors, his colleagues and friends and the New Zealand Association of Economists. He was moved greatly and expressed his heartfelt thanks with the comment that he had not really done very much, just `put out a few hares for people to chase'. Bill never saw the book version of his festschrift. Sadly, just a few weeks after this celebration, in early March 1975, he died.

In the Loanable Funds Theory, the incompatibility of the stock and ¯ow relationship (as in the Lerner (1938) diagram) is highlighted. In Keynesian Theory, liquidity preference is shown to be exclusively stock determined. 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.

I had studied physics and mathematics in my ®rst year. In my second year I began the study of macroeconomics and my teacher, Sam Soper, who had been at the LSE, drew the circular ¯ow of income and pipes and tanks as a way of distinguishing between stocks (money, capital) and ¯ows (income). 42 David Vines When we got to the part of the course in which Hicks' (1950) trade cycle model was presented, I went and looked at the Phillips Machine, and immediately saw the electrical analogy. I realised that, just as we could think of taps as regulators of water ¯ows, and tanks as receptacles for stocks (that is, as integrators of the ¯ows), we could also think of resistors as regulators of electrical ¯ow, and capacitors as stock-integrators of the electrical ¯ow.

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