Inflation and Unemployment

The world economy today is vastly different from the 1930's, when Seymour Harris, the chairman of this meeting, infected me with his boundless enthusiasm for economics and his steadfast confidence in its capacity for good works. Economics is very different, too. Both the science and its subject...

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Bibliographic Details
Published inThe American economic review Vol. 62; no. 1/2; pp. 1 - 18
Main Author Tobin, James
Format Journal Article
LanguageEnglish
Published Menasha, Wis The American Economic Association 01.03.1972
American Economic Association
Subjects
Economic inflation
Economists
Employment
Global economy
Homemakers
Ignorance
Inflation
Inflation rates
Journalists
Keynesianism
Labor markets
Macroeconomics
Market disequilibrium
Real wages
Unemployment
Wage rate
Wages
World War II
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ISSN0002-8282
1944-7981

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Summary:The world economy today is vastly different from the 1930's, when Seymour Harris, the chairman of this meeting, infected me with his boundless enthusiasm for economics and his steadfast confidence in its capacity for good works. Economics is very different, too. Both the science and its subject have changed, and for the better, since World War II. But there are some notable constants. Unemployment and inflation still preoccupy and perplex economists, statesmen, journalists, housewives, and everyone else. The connection between them is the principal domestic economic burden of presidents and prime ministers, and the major area of controversy and ignorance in macroeconomics. This article reviews economic thought on this topic.
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ISSN:0002-8282
1944-7981