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The Use and Abuse of Aggregate Demand and Supply Functions

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  • Nevile, J W
  • Rao, B Bhaskara

Abstract

Aggregate demand and supply analysis is the basic paradigm presented to students in virtually all modern textbooks. It tends to come in two versions that may be loosely labeled as neoclassical and neo-Keynesian. The paper argues that, in both cases, the function called an aggregate supply curve is actually the equation giving the conditions for labor-market equilibrium. In both cases, but for different reasons, the analysis is unsatisfactory, involving the use of contradictory assumptions or inconsistent modes of thought. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 64 (1996)
Issue (Month): 2 (June)
Pages: 189-207

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Handle: RePEc:bla:manch2:v:64:y:1996:i:2:p:189-207

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Cited by:
  1. Max Gillman, 2002. "Keynes's Treatise : aggregate price theory for modern analysis?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(3), pages 430-451.

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