Grid Lines

In 1933, Joan Robinson popularised a word. That word was monopsony. It’s when you have only a single person or business that can buy something. This theory was outlined in Joan Robinson’s 1933 book, The Economics of Imperfect Competition. Joan was 29 years old. She had just released a book of original insights into market competition. This was her first major achievement in what would come to be a remarkable career in economics.

Every economist knows the Phillips Curve. It’s this fundamental relationship in the economy. This surprisingly strong connection between inflation and employment. Prices go up, there are more jobs. Rein back inflation, and more people are out work. It’s hotly debated what this all means. The author of the Phillips Curve, Bill Phillips, is almost unknown in his home country. But he has a crazy story.