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A.W. Phillips

A.W. Phillips. By: Dalton Sabby Susan Kilian. Background. Was born on November 18, 1914 and died on March 4, 1975 He was born in New Zealand to a dairy farmer and a school teacher/ postmistress.

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A.W. Phillips

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  1. A.W. Phillips By: Dalton Sabby Susan Kilian

  2. Background • Was born on November 18, 1914 and died on March 4, 1975 • He was born in New Zealand to a dairy farmer and a school teacher/ postmistress. • Phillips curve- historical inverse relationship between rate of unemployment and note of inflation in an economy. • He was a crocodile hunter and cinema manager, studied electrical engineering, and spent 3 ½ years in a POW camp during WWII. • Developed MONIAC, an analog computer.

  3. Economic Theory • Whenever unemployment is low, inflation tends to be high. Whenever unemployment is high, inflation tends to be low. This inverse relationship between inflation and unemployment is called the Phillips curve. • “If all the earth’s economists were laid end to end, they wouldn’t reach an agreement.” It can’t get much better than that.

  4. School of Economic Thought • Phillips is classified as Keynesian, which means he believes that the government has to help the economy stabilize output over the business cycle. He is a Keynesian because he was influenced by Keynes.

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