Review of the A W H Phillips : collected works in contemporary perspective, by R. Leeson

Abstract

Virtually all of contemporary macroeconomics is underpinned by a Phillips curve of one variety or another

yet most of this literature displays a curious neglect of the theoretical dynamic stabilisation perspective provided by A. W. H. Phillips. This volume collects for the first time the major work of one of the great economists, integrating Phillips’s empirical work with his theoretical contribution. In addition to twelve substantive chapters, twenty-nine economists including Lawrence Klein, James Meade, Thomas Sargent, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt highlight and interpret Phillips’s ongoing influence. This volume also contains six of Phillips’s previously unpublished essays, four of which were thought to have been lost. The fifth such essay (Phillips’s second empirical Phillips curve) was previously an informal working paper of which few copies circulated, and the sixth essay is a forerunner of the Lucas Critique written by Phillips shortly before his death. * Includes previously unseen papers from Bill Phillips’ private collection * Important and original new research on subject of great importance * Contributors are the most prestigious scholars working in economics and econometrics today.