As an interesting history of economic thought connection, William Phillips (who developed the Phillips Curve) also built a model of the economy using literally the idea of Hydraulic Keynesianism to build the MONIAC.
Saturday, September 14, 2013
Rule of Thumb Macro - Legacy of Wynne Godley
The New York Times has an article on Wynne Godley, who built macro models based on the idea that people follow rules of thumb in behavior (rather than be maximizes). Paul Krugman weighed on the topic and how it fits into the development of macoeconomic thought as "Hydraulic Keynesianism".
As an interesting history of economic thought connection, William Phillips (who developed the Phillips Curve) also built a model of the economy using literally the idea of Hydraulic Keynesianism to build the MONIAC.
As an interesting history of economic thought connection, William Phillips (who developed the Phillips Curve) also built a model of the economy using literally the idea of Hydraulic Keynesianism to build the MONIAC.
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