Mathematics and The Phillips Curve
There are at least two different mathematical derivations of the Phillips curve. First, there is the traditional or Keynesian version. Then, there is the new Classical version associated with Robert E. Lucas, Jr..
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“Mathematics alone make us feel the limits of our intelligence. For we can always suppose in the case of an experiment that it is inexplicable because we don’t happen to have all the data. In mathematics we have all the data ... and yet we don’t understand. We always come back to the contemplation of our human wretchedness. What force is in relation to our will, the impenetrable opacity of mathematics is in relation to our intelligence.”
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