Williams Phillips was born on November 18, 1914, in New Zealand. His father was a dairy farmer, and his mother was a schoolteacher. Growing up, Phillips showed a keen interest in economics and mathematics, which set the foundation for his future career as an economist.
Phillips pursued his higher education at the University of London, where he earned a degree in economics. He continued his studies and eventually obtained a Ph.D. in economics from the same university. His research focused on the relationship between unemployment and inflation, which would later become his most famous contribution to the field of economics.
After completing his studies, Phillips took on various roles in academia and government, where he continued to research and publish papers on economic theory. He was known for his innovative thinking and analytical approach to economic issues.
Phillips is best known for his groundbreaking work on what is now referred to as the "Phillips curve." This curve illustrates the inverse relationship between unemployment and inflation, showing that as unemployment decreases, inflation increases, and vice versa. His research on this topic revolutionized the field of economics and had a lasting impact on economic policy around the world.
In addition to his work on the Phillips curve, Phillips also gained recognition for creating an economics computer called the MONIAC. This machine simulated the workings of the economy and helped economists analyze various economic scenarios. The MONIAC became a valuable tool for economic research and education.
Outside of his professional life, Phillips had a diverse set of interests. He spent some time in Australia working as a crocodile hunter, showcasing his adventurous spirit and love for the outdoors. He also had a strong sense of duty and patriotism, as evidenced by his three and a half years as a prisoner of war in Indonesia during World War II.
Williams Phillips made significant contributions to the field of economics through his research and innovations. His work on the Phillips curve continues to be studied and referenced by economists worldwide. He is remembered not only for his intellectual contributions but also for his courage and perseverance in the face of adversity.