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

This file is part of IDEAS, which uses RePEc data

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

Author Info

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

Additional information is available for the following registered author(s):

Roy H. Grieve

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.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

Publisher Info
Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 09-11.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 47 pages
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:str:wpaper:0911

Contact details of provider:
Postal: Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE
Phone: +44 (0)141 548 3842
Fax: +44 (0)141 548 4445
Email:
Web page: http://www.strath.ac.uk/economics/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Kirsty Hall).

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

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-05-02 (All new papers)
NEP-HPE-2009-05-02 (History & Philosophy of Economics)
NEP-PKE-2009-05-02 (Post Keynesian Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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)

Full references

Statistics
Access and download statistics

Did you know? IDEAS was sponsored from 1997 to 2002 by the Université du Québec à Montréal.

This page was last updated on 2009-11-12.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.