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Time to Ditch AD-AS?

Author

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  • Roy H. Grieve

    (University of Strathclyde, Glasgow, Scotland, roygrieve@btinternet.com)

Abstract

Complementing 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.

Suggested Citation

  • Roy H. Grieve, 2010. "Time to Ditch AD-AS?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 42(3), pages 315-320, September.
  • Handle: RePEc:sae:reorpe:v:42:y:2010:i:3:p:315-320
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    File URL: http://rrp.sagepub.com/content/42/3/315.abstract
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    References listed on IDEAS

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    1. Manuel Agosin & Roberto Machado, 2005. "Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment?," Oxford Development Studies, Taylor & Francis Journals, vol. 33(2), pages 149-162.
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    Cited by:

    1. Grieve, Roy H, 2014. "'Right Back Where We Started From': From 'The Classics' To Keynes, And Back Again," SIRE Discussion Papers 2014-001, Scottish Institute for Research in Economics (SIRE).
    2. Roy H Grieve, 2014. "‘Right Back Where We Started From’: from ‘the Classics’ to Keynes, and back again," Working Papers 1401, University of Strathclyde Business School, Department of Economics.

    More about this item

    Keywords

    intermediate macroeconomics; AD-AS model;

    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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