Arbeitspapier
Making Sense of the Aggregate Demand-Supply Model
This paper questions the validity of using the aggregate demand (AD) and aggregate supply (AS) framework for analysing macroeconomic issues. AD derived from the Keynesian income-expenditure approach cannot be reconciled logically with AS derived from the profit maximization postulate in out-of-equilibrium positions. The paper shows two routes to achieving consistency, either by taking recourse to Kalecki's work or by entirely reformulating the analysis along neo-classical lines. Using these two polar cases, it reinterprets the model underlying Keynes' General Theory and modern disequilibrium analysis based on "rationing".
- Sprache
-
Englisch
- Erschienen in
-
Series: wiiw Working Paper ; No. 5
- Klassifikation
-
Wirtschaft
- Thema
-
Aggregate demand (AD)
aggregate supply (AS)
incompatibility of AD/AS
consistent AD/AS reformulations
profit maximization and multiplier analysis
disequilibrium theory and short side of the market
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bhaduri, Amit
Laski, Kazimierz
Riese, M.
- Ereignis
-
Veröffentlichung
- (wer)
-
The Vienna Institute for International Economic Studies (wiiw)
- (wo)
-
Vienna
- (wann)
-
1995
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bhaduri, Amit
- Laski, Kazimierz
- Riese, M.
- The Vienna Institute for International Economic Studies (wiiw)
Entstanden
- 1995
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