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Transcript of A.W. Phillips
By Eleni Bruzik A.W. Phillips
Alban William Housego Phillips
A Brief Biography •studied electrical engineering in New Zealand, but couldn't further his education due to the lack of money
•1937 he immigrated to Great Britain
•Enlisted into the Royal Air Force, stationed in South East Asia
•After returning home from war he studied sociology at the London School of
•Due to his addiction to tobacco he did very poorly and switched his course to economics
•In 11 years he became a professor of economics at the statistics
department in LSE •While studying economics he made a model of the economy, which can be seen in the Science Museum in London
•In November 1958 he published
his most well known article The
Relation Between Unemployment and
the Rate of Change on Money Wage
Rates in the United Kingdom 1861-1957 "Economica". •Born on November 18,1914 in Te Rehunga, New Zealand to a farming family •While on duty he was captured by the Japaneses and was a prisoner of war for 3 years.
•During his imprisonment he became addicted to tabacco
•In 1946 he was awarded the Order of the British Empire A.W. Phillips Model of the Economy Due to the affects of the war and chain smoking A.W. Phillips had a stroke and died March 4, 1975 in Auckland , New Zealand 1.) The "Phillips Machine" or "MONIAC" a hydraulic representation of the economy
• set up to operate under classical and Keynesian assumptions Contributions to Economics and the World! 2.) The "Phillips Curve" or "New Keynesian" discovered in 1958
•The most impacting Macroeconomic idea post-war
•He observed the relationship between the level of unemployment and the rate of wage inflation The "Phillips Curve" is said to be to simple for today's day and age, especially with many different factors such as stagflation
• This curve has allowed for rich economic theory to be developed HE CONCLUDED THAT INFLATION COULD BE CONTROLLED BY SETTING AN APPROPRIATE LEVEL OF UNEMPLOYMENT The "Phillips Curve" 3. Economic Modeling "Controlling the Economy"
•It is not only crucial to have the right polices, but also they have to implemented at the correct time, or they will hurt the economy
•"Political inertia and indecisiveness has been a major economic fault of our – and many other countries."
~ economic management "SCHOOL OF THOUGHT" Keynesian Economic School of Thought:
that aggregate demand is the primary source of business cycle instability, especially recessions WHY: because the "Phillips Curve" shows that demand management policies can be used to increase output and decrease unemployment, but at the expense of higher inflation. Government Involvement Works Cited
"AmosWEB Is Economics: GLOSS*arama." AmosWEB Is Economics: GLOSS*arama. N.p., n.d. Web. 30 Sept. 2012. <http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls>.
"Brian Easton." Brian Easton. N.p., n.d. Web. 30 Sept. 2012. <http://www.eastonbh.ac.nz/>.
"The Concise Guide To Economics." , by Jim Cox. N.p., n.d. Web. 30 Sept. 2012. <http://www.conciseguidetoeconomics.com/book/overview/>.
Whelan, Karl. "The New-Keynesian Phillips Curve." Tcd. N.p., n.d. Web. 30 Sept. 2012.
Sources : A.W. Phillips was a professor at the London School of Economics. He did not directly work for the British government, but his theories became widely used by many governments.