Re: Re: Leeson on "textbook fairy tales"

[Jim Devine]

Tom wrote:
>What I do find objectionable is the myth that low unemployment is the 
>cause of inflation. Period. As I've pointed out several times, I can see 
>how under certain circumstances low unemployment could contribute to 
>inflation. But those circumstances aren't always and
>everywhere present.

of course, that's what the mainstream Phillips Curve theory (RJ Gordon's 
"triangle model") would say, too.


Jim Devine [EMAIL PROTECTED] &  http://liberalarts.lmu.edu/~jdevine