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Phillips designed a hydraulic computer to model the UK economy in 1949; 12-14 copies were built. What model did it compute with? How have modern models of the UK built on that work?

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  • $\begingroup$ I heard the basic principle of the Moniac was actions and feedbacks between different variables. One of these relationships being the Phillips curve (the original one, relating nominal wage acceleration with unemployment). So the formal equivalent would be a 'general disequilibrium' aggregate model described by a differential system. So something very different from general equilibrium and closer to the work of Semmler (ideas.repec.org/e/pse120.html) or Flaschel (ideas.repec.org/e/pfl107.html). I would be very interested in a more informed answer. $\endgroup$ – Ululo Mar 2 '17 at 14:39

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