Is it possible that the Phillips curve just shifted down, and now, the economy can live with 4 to 4.5% unemployment without starting inflation?
It was discredited, as have also most of the MATH in economics, given a few years.
/*How to win a Nobel Prize in economics */
do
{
notation = SearchMath();
if ( HasNotBeenUsed(notation) && MostEconomistsDontUnderstand(notation) )
{
int *foo1, *foo2, *foo3;
foo1 = RandArray(n);
foo2 = RandArray(n);
foo3 = RandArray(n);
theory = Apply(notation, ASSUME_LINEAR, foo1, foo2, foo3);
if (theory.IsTrue() == FALSE)
{
delete theory;
Smooth(foo1, n);
Smooth(foo2, n);
Smooth(foo3, n);
theory = Apply(notation, ASSUME_LINEAR, foo1, foo2, foo3);
}
if (theory.IsTrue())
{
nobel_prize = Publish(theory);
}
else
delete theory;
delete[] foo1;
delete[] foo2;
delete[] foo3;
}
} While (nobel_prize == FALSE); |
