Keynes and the Keynesian Phillips Curve: Further Evidence

Murdoch University Working Paper 149

Posted: 27 Apr 1998

Date Written: April 1996


This paper argues that the inflation-unemployment trade-off is not a policy proposition that can be found in Keynes' writings. The policy of tolerating ongoing inflation (as opposed to a reflationary once-and-for-all increase in the price level), in the hope that unemployment will be reduced, should, therefore, be described as 'Pseudo-Keynesian;' creating unemployment to reduce inflation should be described as 'Anti-Keynesian.' Evidence is cited from Keynes' Collected Writings to support the proposition that Keynes was a "non-flationist," one of the major themes of his career.

JEL Classification: B31, E17

Suggested Citation

Leeson, Robert, Keynes and the Keynesian Phillips Curve: Further Evidence (April 1996). Murdoch University Working Paper 149, Available at SSRN:

Robert Leeson (Contact Author)

Murdoch University ( email )

South Streeet
Murdoch, West Australia 6150
011-61-9-360-2197 (Phone)
011-61-9-310-7725 (Fax)

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