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What is the Matter with Aggregate Demand and Supply?

In: Aggregate Demand and Supply

Author

Listed:
  • B. Bhaskara Rao

    (University of New South Wales)

Abstract

The aggregate demand and supply model has now replaced the ISLM model as the main textbook macroeconomic model. Yet somehow the aggregate demand and supply-model does not seem to do what a good model is supposed to do. Furthermore some of its present textbook versions unfortunately leave the misleading impression that the basic methodological differences between the Keynesian and the neo classical macroeconomic models can be reduced simply to a difference between the elasticities of the aggregate supply functions in these models.1

Suggested Citation

  • B. Bhaskara Rao, 1998. "What is the Matter with Aggregate Demand and Supply?," Palgrave Macmillan Books, in: B. Bhaskara Rao (ed.), Aggregate Demand and Supply, chapter 4, pages 45-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26293-9_4
    DOI: 10.1007/978-1-349-26293-9_4
    as

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