The Relation between Unemployment and the Rate of Change of Money Wage Rates

Professor Phillips has attempted to show' that the rate of change of money wage rates is explained by the level of unemployment and the rate of change of unemployment. The demonstration is impressive, yet I cannot help feeling that he has not quite got the wage series into orbit, or, if it is in orbit, that it is revolving round the wrong planet. My contention will be that his statistical material is not appropriate for the support of his hypothesis; that different wage and unemployment series will yield significantly different results; and that, even if the imperfections of the material are disregarded, Professor Phillips reads more into his evidence than it can in fact sustain

Economics · Labour economics · Macroeconomics · Relation (database) · Unemployment · Unemployment rate · Wage · Economic Theory and Policy

• The Role of Market Variables and Key Bargains in the Manufacturing Wage Determination Process

  Timothy W McGuire, Leonard A Rapping•Journal of Political Economy•1968

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• The Trade‐off Interpretation of Phillips’s Dynamic Stabilization Exercise

  Open Access•Robert Leeson•Economica•1997

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• Iflation in the Context of Relative Deprivation and Social Justice

  Open Access•J L Baxter•Scottish Journal of Political…•1973

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• Guy Routh's Heterodox Critique of Economic Methodology

  Robert W Dimand, Robert H Koehn•Forum for Social Economics•2011

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• Two Econometric Replications

  Nancy J Wulwick•History of Political Economy•1996

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• The Early Reception of the Phillips Curve in the United Kingdom

  Carlo Cristiano•History of Political Economy•2023

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• The Political Economy of the Inflation-Unemployment Trade-Off

  Robert Leeson•History of Political Economy•1997

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• Retrospectives

  Open Access•Allan G Sleeman•The Journal of Economic…•2011

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