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The MONIAC updated for the era of permanent financial crisis


The MONIAC was the formal start to a quarter-century-long stabilization project that occupied Alban William Housego «Bill» Phillips until close to the end of his life. Informally, that research project had its gestation in the macroeconomic malfunctions of the Great Depression and the savagery of the Second World War.

That his final essay (2000 [1972], chapter 52) – a handwritten exposition of a version of what became known as the Lucas Critique – was unread for almost a quarter century is surely a reflection of the discredit and neglect that Phillips and his stabilization project fell into during the Great Recriminations that accompanied the Great Inflation of the late 1960s and 1970s1. Indeed, Phillips (and, subsequently, his widow) kept the sheets of paper on which he made the calculations which led to his famous Curve (together with other significant material) – but apparently, nobody thought to ask if such material existed.



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