The Use and Abuse of Aggregate Demand and Supply Functions

J W Nevile and B. Rao

The Manchester School of Economic & Social Studies, 1996, vol. 64, issue 2, 189-207

Abstract: Aggregate 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

Date: 1996
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Working Paper: The Use and Abuse of Aggregate Demand and Supply Functions (1991)
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