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THE TEXT BOOK BLACK MAGIC, or, how to make the Keynes theory disappear

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Author Info
Roy H Grieve () (Department of Economics, University of Strathclyde)

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Abstract

This paper looks into the question of how it can come about that, not uncommonly, contemporary macro textbooks start their exposition in Keynesian fashion, but end up presenting an essentially classical account. Using a typical textbook for illustration, our diagnosis is that when the AD/AS model is introduced into the discussion, then things go wrong. The AS analysis rehabilitates a pre-Keynesian conception of the working of the labour market, while uncritical and ill-informed use of the AD function effectively ‘tames’ aggregate demand by making it manipulable in such a way as to accord with conditions of labour supply. Not surprisingly, Keynes’s vision of the functioning of the macro system gets lost along the way.

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File URL: http://www.strath.ac.uk/media/departments/economics/researchdiscussionpapers/2009/09-11RHG.pdf
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Publisher Info
Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 09-11.

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Length: 47 pages
Date of creation: Apr 2009
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Handle: RePEc:str:wpaper:0911

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Related research
Keywords: AD/AS Model; Labour Market - Keynesian and Classical Models;

Find related papers by JEL classification:
A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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References listed on IDEAS
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  1. Roy H. Grieve, 1996. "Aggregate demand, aggregate supply, a Trojan horse and a Cheshire cat," Journal of Economic Studies, Emerald Group Publishing, vol. 23(4), pages 64-82, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-12.


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