1.   Another way of approaching the accelerationist hypothesis is to rearrange slightly the equation for the expectations-augmented Phillips curve.

2.   Obviously the accelerationist hypothesis embodied in equation violates this criterion.

3.   For this reason the accelerationist hypothesis stands accused of being based on irrational behaviour, for rational agents should not make persistent mistakes.

4.   The Lucas supply function is the more radical successor to the accelerationist hypothesis advanced by Friedman.