By Robert Leeson
Almost all of latest macroeconomics is underpinned by means of a Phillips curve of 1 type or one other, and this quantity collects for the 1st time the main works of 1 of the nice economists. as well as twelve noticeable 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 This quantity additionally comprises six of Phillips' formerly unpublished essays, 4 of which have been lengthy concept to were misplaced.
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Extra resources for A. W. H. Phillips: Collected Works in Contemporary Perspective
When the machine was ®nished, it was taken to the LSE and demonstrated at the celebrated Lionel Robbins seminar in November 1949. A photograph was taken during that event and reveals Bill's tendency to chain-smoking whenever he was working, thinking about a problem or declaiming (see chapter 11, p. 105). It was as a result of James Meade's The Origins of the Machine 37 enthusiastic response on this occasion that Bill was appointed an assistant lecturer to work on the Mark II version of the machine.
R. Fay, `World War I was a shock to him, and he was never the same afterwards'. Phillips died in March 1975, shortly after his sixtieth birthday. He had been mentioned for `fearlessness' in the citation accompanying his MBE, but towards the end of his life he became haunted by irrational fears. A crippling stroke at age ®fty-four left him chain smoking, mobile only with the assistance of a tripod, and in need of constant medical care and medication, which was provided by his devoted wife, Valda.
During the 1960s the macroeconomic consensus was breaking down and `popularised' versions of Phillips' empirical work became pivotal to the controversy between monetarists and Keynesians. Mark Blaug (1980, 221) described this as `one of the most frustrating and irritating controversies in the entire history of economic thought, frequently resembling medieval disputations at their worst'. 21 In spite of this, during the 1960s he became a `household name' in policy circles. In April 1967, the Chancellor of the Exchequer, James Callaghan, invoked Phillips' name to justify the Budget projections (Wulwick 1989, 187).