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- Title
The Relation between Unemployment and Excess Demand for Labour: An Examination of the Theory of the Phillips Curve.
- Authors
Holmes, James M.; Smyth, David J.
- Abstract
This article examines the theory of the Phillips Curve focusing on the relation between unemployment and excess demand of labor. Several mathematical and statistical techniques and methods were used to evaluate the theorem. It is suggested that the familiar model of demand and supply for labor does not provide a functional relationship between the operational concept of unemployment and excess demand and supply. Therefore, it is concluded that the rate of change of money wages and the rate of unemployment cannot be derived from such model and the type of theoretical justification for the Phillips is invalid.
- Subjects
PHILLIPS curve; MATHEMATICAL models of inflation; MATHEMATICAL models of the effect of inflation of unemployment; UNEMPLOYMENT; LABOR demand; ECONOMIC statistics; ECONOMETRICS
- Publication
Economica, 1970, Vol 37, Issue 147, p311
- ISSN
0013-0427
- Publication type
Article
- DOI
10.2307/2551977