Indeed, it is a disturbing aspect of too much policy analysis that references made to the earlier seminal literature often display little more erudition than an uncritical acceptance of the creation mythology associated respectively with Old Keynesian, Monetarist and New Classical perspectives.
BLM The New Classical counter-revolutionaries would have been deprived of their Mythological Potency had they recognised that their whipping boys — Phillips and Samuelson — had developed these ideas years before.
But the IMF historians who chronicled the response to that challenge barely mentioned the intellectual forces that would help to destroy the Bretton Woods system.
Thus the first written exposition of the natural rate model came in Milton Friedman's reply to Robert Solow at a Chicago conference, making Solow the midwife of monetarism. The public demanded that government solve our problems.
To simulate the various impacts on the economy, policy-makers need to know the strength, direction and momentum of the original impulse. Our national heroes were the millions of workers, soldiers, families and communities who sacrificed. We can start rebuilding our social cohesion when we say all work has dignity.
The standard economic analysis of what gave a particular union the power