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Date: | Fri Mar 31 17:18:31 2006 |
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----------------- HES POSTING -----------------
The Phillips Machine (on display at the Science Museum, London and other
places) which developed into the Proportional-Integral-Derivative
theoretical Phillips Curve and an early version of the Lucas Critique
reflects the influence of engineering on economics in the second half of
the twentieth century. See chapters 14, 16, 17, 18, 41 and in particular
Charles Holt's chapter (33) on 'Interactions with a Fellow Research
Engineer' in A.W.H. Phillips: Collected Works in Contemporary Perspective
(Cambridge University Press, 2000) plus Allen, R.G.D. The Engineer's
Approach to Economics (Economica May 1955 : 158-168).
See also Arnold Tustin's The Mechanisms of Economic Systems - An Approach
to the Problem of Economic Stabilisation from the Point of View of
Control-System Engineering (Heinemann 1954).
Robert Leeson
Murdoch University
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