The story
Coined by Alan Coddington in 1976. In reference to Alban William Phillips' hydraulic MONIAC computer, which he used for modelling the economy.
Etymology from Wiktionary, CC BY-SA 4.0.
hydraulic Keynesianism
Today it means: A type of Keynesianism that assumes homogeneous macroeconomic aggregates and uses that assumption in relation to the Phillips curve to exploit a trade-off between inflation and unemployment, typically prioritising low unemployment at the expense of higher inflation. Full definition →