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

By Robert Leeson

Nearly all of latest macroeconomics is underpinned through a Phillips curve of 1 sort or one other, and this quantity collects for the 1st time the key works of 1 of the nice economists. as well as twelve important 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 This quantity additionally includes six of Phillips' formerly unpublished essays, 4 of which have been lengthy proposal to were misplaced.

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Following a diversion from press attention, it was moved to a small, especially plumbed, teaching room, where it was used in small groups as a teaching aid for over two decades. In the 1980s it was still being shown on `open days'; direction of responses was still clearly shown but with much less accuracy than its initial margin of error of Æ4 per cent. Now it is a museum piece. A Mark III reconstruction of a Mark II by the Santory±Toyoto Centre in 1989 went into the Science Museum on 23 March 1995 as the ®rst simulator of the behaviour of an economy.

Bill and Valda Phillips had invited Conrad Blyth and Geoffrey Braae (from the University of Auckland) and me to afternoon tea. 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'.

Indeed, during one of our practical classes, we had been made to produce such cycles using bits of wire, resistors and capacitors and cathode ray tube displays. Immediately, I got to work in my room with pictures of pipes and tanks, circuit diagrams of resistors and capacitors, and macroeconomic models in the form of second-order differential equations. Thus was my macroeconomic intuition born, and thus was it connected to formal theory. But it was not until the late 1980s that I saw the Phillips Machine working, and it was only when preparing to write this paper that I set out to try to really understand it.

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Categories: Macroeconomics