A survey of AS-AD models for teaching undergraduates at intermediate level

Docherty, PT; Tse, HP

A survey of AS-AD models for teaching undergraduates at intermediate level

Docherty, PT

Tse, HP

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Publisher:: University of Queensland
Publication Type:: Journal Article
Citation:: Australasian Journal of Economics Education, 2009, 6 (1), pp. 52 - 81
Issue Date:: 2009-01

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Field	Value	Language
dc.contributor.author	Docherty, PT https://orcid.org/0000-0002-9975-6435	en_US
dc.contributor.author	Tse, HP	en_US
dc.date.issued	2009-01	en_US
dc.identifier.citation	Australasian Journal of Economics Education, 2009, 6 (1), pp. 52 - 81	en_US
dc.identifier.issn	1448-448X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/29641
dc.description.abstract	The Aggregate Supply-Aggregate Demand (AS-AD) model has been an important part of undergraduate teaching in economics for many years. It has, however, been the subject of recent criticism and new frameworks have been suggested to replace it. Given this antagonism, it seems a useful time to reflect on the AS-AD models suitability for teaching intermediate macroeconomics. A preliminary step in this process would be to provide a careful survey of AS-AD models used at this level. This paper surveys four common versions of the AS-AD model used in intermediate macroeconomics texts, considers the structure of these models, and carefully analyses their adjustment dynamics for negative demand and supply shocks. It argues that incorporating more than one of the approaches considered into intermediate classes would provide students with a better understanding of the state of economics and would enhance their critical skills by requiring them to understand the similarities and differences between the different approaches.	en_US
dc.publisher	University of Queensland	en_US
dc.relation.ispartof	Australasian Journal of Economics Education	en_US
dc.title	A survey of AS-AD models for teaching undergraduates at intermediate level	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	6	en_US
utslib.for	1302 Curriculum and Pedagogy	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	1	en_US
pubs.volume	6	en_US

Abstract:

The Aggregate Supply-Aggregate Demand (AS-AD) model has been an important part of undergraduate teaching in economics for many years. It has, however, been the subject of recent criticism and new frameworks have been suggested to replace it. Given this antagonism, it seems a useful time to reflect on the AS-AD models suitability for teaching intermediate macroeconomics. A preliminary step in this process would be to provide a careful survey of AS-AD models used at this level. This paper surveys four common versions of the AS-AD model used in intermediate macroeconomics texts, considers the structure of these models, and carefully analyses their adjustment dynamics for negative demand and supply shocks. It argues that incorporating more than one of the approaches considered into intermediate classes would provide students with a better understanding of the state of economics and would enhance their critical skills by requiring them to understand the similarities and differences between the different approaches.

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http://hdl.handle.net/10453/29641