With respect to fallacies (or creation myths) within the economics 'tribe':  
  
1. There was initially no theory behind Phillips' curve (theory fully developed and curve
drawn in the Economic Journal, June 1954);
  
2. Phillips' analysis was not informed by inflationary expectations (in 1952, Phillips
gave Friedman the adaptive expectations formula; Phillips' 1954 model alocates an
important role to inflationary expectations).
   
Robert Leeson