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The Phillips Curve showed, Samuelson said, that if governments let unemployment rise then inflation would inevitably fall.  Unfortunately it didn't.

And unfortunately what got tarred was Keynes and not Hicks, Phillips or Samuelson.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Mar 2nd, 2012 at 07:27:56 AM EST
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