hydraulic Keynesianism

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English[edit]

Etymology[edit]

Coined by Alan Coddington in 1976. In reference to Alban William Phillips' hydraulic MONIAC computer, which he used for modelling the economy.

Noun[edit]

hydraulic Keynesianism (uncountable)

  1. (economics, derogatory) A type of Keynesianism that assumes homogeneous macroeconomic aggregates and uses that assumption in relation to the Phillips curve to exploit a trade-off between inflation and unemployment, typically prioritising low unemployment at the expense of higher inflation.
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