hydraulic Keynesianism

Etymology
Coined by Alan Coddington in 1976. In reference to ' hydraulic computer, which he used for modelling the economy.

Noun

 * 1)  A type of Keynesianism that assumes homogeneous macroeconomic aggregates and uses that assumption in relation to the  to exploit a trade-off between inflation and unemployment, typically prioritising low unemployment at the expense of higher inflation.