The Use and Abuse of Aggregate Demand and Supply Functions
AbstractAggregate 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 InfoPaper provided by New South Wales - School of Economics in its series Papers with number 91-16.
Length: 35 pages
Date of creation: 1991
Date of revision:
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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
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Web page: http://www.economics.unsw.edu.au/
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economic theory ; production ; economic models;
Other versions of this item:
- Nevile, J W & Rao, B Bhaskara, 1996. "The Use and Abuse of Aggregate Demand and Supply Functions," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(2), pages 189-207, June.
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- 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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