01-16-2021, 10:42 AM
(01-15-2021, 09:52 PM)Warren Dew Wrote:(01-13-2021, 04:09 PM)David Horn Wrote: The sainted Phillips Curve is all but totally worthless
The Phillips Curve blew up in the 1970s. Anyone using it ten years ago was almost half a century out of date. Sheesh.
Not true, the Phillips Curve has always been "adjustable", but even that is now useless. I'm shocked that the economics community can't see the forest for the trees. The "failure" is actually the result of one of the bases of business: supply and demand. After 40+ years of throwing every benefit at the business community while disadvantaging labor, productivity has finally reached the point that supply is massive, but demand is income constrained to the point that demand will perpetually lag. The greed heads couldn't be happier. They won. All cheer.
Intelligence is not knowledge and knowledge is not wisdom, but they all play well together.
