Time to Ditch AD-AS?
AbstractComplementing previous, often ignored criticism of the AD-AS model - to the effect that this widely-used construction is inherently inconsistent - this note argues that a (rare) defence of the model by Peter Kennedy fails to convince and that the model does indeed, as alleged, give rise to confusing and misleading expositions of the working of the macroeconomy. JEL classification: A22, B22, E10.
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Bibliographic InfoArticle provided by Union for Radical Political Economics in its journal Review of Radical Political Economics.
Volume (Year): 42 (2010)
Issue (Month): 3 (September)
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intermediate macroeconomics; AD-AS model;
Find related papers by JEL classification:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
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- Roy H Grieve, 2014. "â€˜Right Back Where We Started Fromâ€™: from â€˜the Classicsâ€™ to Keynes, and back again," Working Papers, University of Strathclyde Business School, Department of Economics 1401, University of Strathclyde Business School, Department of Economics.
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