hydraulic Keynesianism
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(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.
hydraulic Keynesianism
Critics deride hydraulic Keynesianism as a simplistic, mechanistic doctrine that treats macroeconomic aggregates as uniform and exploits the Phillips curve trade-off to lower unemployment at the cost of higher inflation.
Critics deride hydraulic Keynesianism as a simplistic, mechanistic doctrine that treats macroeconomic aggregates as uniform and exploits the Phillips curve trade-off to lower unemployment at the cost of higher inflation.
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