The Economics Profession’s Dr. Frankenstein

That would be A. W. Phillips of Keynesian “Phillips Curve” notoriety and also of the Dr. Frankensteinish MONIAC computer  that purportedly imitated the real economy.  It’s absolutely hilarious to think that such an idiotic gadget with water pumped in to represent taxes, and pumped out to represent savings, was so celebrated by the likes of Nobel laureate economists Paul Samuelson and Robert Solow in the ’50s and ’60s.


1:44 pm on April 9, 2014