When the “realism of assumptions” mattered: Milton Friedman's critique of the Phillips curve

Studies in History and Philosophy of Science Part A 94 (C):8-16 (2022)
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In this paper I challenge the pernicious aspects of Milton Friedman's methodological outlook that continues to hold sway over mainstream neoclassical economists. I do this by showing how Friedman's own methodological dicta could have been used against him when he famously advanced the expectations critique of the Phillips curve at his presidential address to the American Economic Association. I use this case study to further suggest that psychological and neurophysiological data should not be deemed irrelevant to economic science.

Author's Profile

Marcos Picchio
National Institutes of Health


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