John Quiggin writes something absolutely conventional and accepted by 99% of macroeconomists and I throw a cow.
Sometimes I bore myself but I must object to
“The big problems arose out of the Phillips curve, as I’ve discussed before. First it was oversold as a stable trade-off by Keynesians .”
Which Keynesians when ? We agree that those Keynesians do not at all include Phillips or Samuelson and Solow in 1960. Such a claim should be supported by citations. I think it just will not do to say that everyone knows it is true. There are many things which are generally agreed to be true and demonstrably false. I refer you to James Forder at Oxford.
He claims to have looked and looked or Keynesians selling the Phillips curve as a stable tradeoff. I think he found a report to the Canadian commission on price stability or something.
I will just google.
Also. by the way, I ask what does the PIH fit which aren’t fit by a model of habit formation and myopia ? Is there any evidence that expectable changes in aggregate income affect aggregate consumption ? I am quite serious and ask for information.