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The Stories We Tell: A Reconsideration of AS/AD Analysis

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Colander, David

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Abstract

This paper explains that the AS/AD model as currently presented in the tests is seriously flawed. It does not fulfill the minimum requirement of a model: logical consistency. Its component parts are derived from models that reflect different, and inconsistent, models of the economy. Moreover, the appropriate disequilibrium adjustment story that appropriately accompanies it is inconsistent with observed reality. In this alternative model, Keynesian adjustment occurs through shifting AS/AD curves along institutionally determined price level vectors rather than through movements along the AS/AD curves. Copyright 1995 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 9 (1995)
Issue (Month): 3 (Summer)
Pages: 169-88
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Handle: RePEc:aea:jecper:v:9:y:1995:i:3:p:169-88

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  1. Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  2. Max Gillman, 2002. "Keynes's Treatise : aggregate price theory for modern analysis?," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 9(3), pages 430-451, September. [Downloadable!] (restricted)
  3. W. Doyle Smith, 2002. "Applying Angelo's Teacher's Dozen to Undergraduate Introductory Economics Classes: A Call for Greater Interactive Learning," Eastern Economic Journal, Eastern Economic Association, vol. 28(4), pages 539-549, Fall. [Downloadable!]
  4. repec:pal:easeco:v:28:y:2002:i:4:p:539-549 is not listed on IDEAS
  5. Alfonso Palacio Vera, 2003. "Capital accumulation, technical progress and wage flexibility: Keynes´ approach to aggregate supply and demand analysis revisited," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 03-12, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
  6. Paul Turner, 2006. "Teaching Undergraduate Macroeconomics with the Taylor-Romer Model," International Review of Economic Education, Economics Network, University of Bristol, vol. 5(1), pages 73-82. [Downloadable!]
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