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The Tyranny of the Phillips Curve

The more than 300 Ph.D. economists at the Federal Reserve labor under the delusion that full employment actually creates inflation.

AP/J. Scott Applewhite
The Federal Reserve at Washington in 2020. AP/J. Scott Applewhite
STEPHEN MOORE
STEPHEN MOORE

Repeat after me, class: Growth does NOT cause inflation. Write it on the blackboard 100 times.

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STEPHEN MOORE
STEPHEN MOORE

Mr. Moore is an economics journalist, author, and columnist. He is the chief economist for the Institute for Economic Freedom and Opportunity, and a regular contributor at The Wall Street Journal, Fox News, CNN and CNBC.

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