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The Phillips Curve Controversy and Orthodox Visions of the Labor Market

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Labor Economics: Modern Views

Part of the book series: Recent Economic Thought Series ((RETH,volume 4))

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Abstract

In this passage, Bharadwaj submit that the materialist mode of analysis is the most logical approach to the study of policy prescriptions arising from, and in response to, specific sets of circumstances. The divergent responses of economic theorists to the breakdown of the Phillips curve relation (which is reflected in the coexistence of rising unemployment and rising inflation) present an appropriate subject for a materialist studt of the development of economic theory. Widespread frustation with macroeconomic stabilization policies has rekindled interest in the microeconomics of unemploymentl; the debate centers largely upon the proper interpretation of the workings of the labor market.

(T)he fact is that economic theories, whether current or in the past, were not born of pure intellectual curiosity but in response to problems that were encountered historically by the community. Involved inextricably with the problems, there were always conflicting interests at stake which favored the resolution of these problems in favor of one or the other of the contending economic interests. Theoretical or more general arguments were adduced in their support to prove that the solution offered was “justifiable” on a more general ground. (Bharadwaj, 1976, p. 12)

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Authors
  1. Kathryn E. Allen
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Editors and Affiliations

  1. University of North Carolina, Chapel Hill, USA

    William Darity Jr.

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© 1984 Kluwer-Nijhoff Publishing

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Allen, K.E. (1984). The Phillips Curve Controversy and Orthodox Visions of the Labor Market. In: Darity, W. (eds) Labor Economics: Modern Views. Recent Economic Thought Series, vol 4. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-5636-0_8

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  • DOI: https://doi.org/10.1007/978-94-009-5636-0_8

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-8985-2

  • Online ISBN: 978-94-009-5636-0

  • eBook Packages: Springer Book Archive

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