Other Things Equal: Truth in Labeling, AS/AD Analysis, and Pedagogy
AbstractIf you reduce a multi-dimensional relationship to a two dimensional graph, you are going to cause some confusion. If you do so without being explicitly clear about the definitions and assumptions you are making in the reduction, you will likely cause significant confusion. The AS/AD labeling terminology misleads both students and economists and has been used inconsistently within some textbooks. New names are suggested--aggregate equilibrium demand (for aggregate demand) and aggregate supply path (for aggregate supply) to alert students to the difference between the aggregate curves and their micro counterparts and to the differences in the specifications underlying those curves.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 23 (1997)
Issue (Month): 4 (Fall)
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AS AD; Pedagogy; Supply;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
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