Defending ADAS: A Perspective on the ADAS Controversy

Peter Kennedy
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Peter Kennedy: Simon Fraser University

Chapter 7 in Aggregate Demand and Supply, 1998, pp 95-106 from Palgrave Macmillan

Abstract: Abstract The aggregate demand and supply (ADAS) diagram has been a hot topic recently. Journal articles have appeared with provocative titles such as “What is the Matter with Aggregate Demand and Aggregate Supply” (Rao, 1991) and “The Use and Abuse of Aggregate Demand and Supply Functions” (Nevile and Rao, 1996). Emotive language such as “dirty pedagogy” has been used to describe its textbook use, and dramatic accusations of internal inconsistency have sought to destroy its credibility. As a modest contributor to this debate (Kennedy, 1996) and an author of textbooks employing the ADAS diagram (Kennedy, 1984, 1997) I seek in this chapter to provide some perspective on this controversy along with a personal view of its status. I begin with a discussion of why the ADAS diagram rose to prominence.

Keywords: Price Level; Demand Curve; Aggregate Demand; Supply Curve; Phillips Curve (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26293-9_7

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DOI: 10.1007/978-1-349-26293-9_7

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