Re-evaluating the AS-AD model as a device for teaching intermediate macroeconomics

Docherty, PT; Tse, HP

Re-evaluating the AS-AD model as a device for teaching intermediate macroeconomics

Docherty, PT

Tse, HP

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Publisher:: University of Queensland
Publication Type:: Journal Article
Citation:: Australasian Journal of Economics Education, 2009, 6 (2), pp. 64 - 86
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 (2), pp. 64 - 86	en_US
dc.identifier.issn	1448-448X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/29643
dc.description.abstract	In the previous issue of this journal, we provided a survey of AS-AD models used in intermediate macroeconomic textbooks. That exercise was seen as preliminary to a careful consideration of criticisms made of the AS-AD model that suggest it should cease to be used as a device for teaching intermediate macroeconomics. In this paper, we undertake this investigation and examine a range of problems that have been identified with the AS-AD model. We argue that that while a number of these criticisms are valid, they may be overcome in ways that leave the model largely intact as a device for teaching the neoclassical explanation of price-output determination. One of these ways involves a new interpretation the model. We do, however, point out two more fundamental criticisms of the AS-AD model that have not featured in the literature, and argue that acceptance of these criticisms would require replacement of the neoclassical paradigm itself. Until a decision to do this is taken by the profession, we argue that a revised AS-AD model has a continuing role to play in teaching intermediate macroeconomics.	en_US
dc.publisher	University of Queensland	en_US
dc.relation.ispartof	Australasian Journal of Economics Education	en_US
dc.title	Re-evaluating the AS-AD model as a device for teaching intermediate macroeconomics	en_US
dc.type	Journal Article
utslib.citation.volume	2	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	2	en_US
pubs.volume	6	en_US

Abstract:

In the previous issue of this journal, we provided a survey of AS-AD models used in intermediate macroeconomic textbooks. That exercise was seen as preliminary to a careful consideration of criticisms made of the AS-AD model that suggest it should cease to be used as a device for teaching intermediate macroeconomics. In this paper, we undertake this investigation and examine a range of problems that have been identified with the AS-AD model. We argue that that while a number of these criticisms are valid, they may be overcome in ways that leave the model largely intact as a device for teaching the neoclassical explanation of price-output determination. One of these ways involves a new interpretation the model. We do, however, point out two more fundamental criticisms of the AS-AD model that have not featured in the literature, and argue that acceptance of these criticisms would require replacement of the neoclassical paradigm itself. Until a decision to do this is taken by the profession, we argue that a revised AS-AD model has a continuing role to play in teaching intermediate macroeconomics.

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http://hdl.handle.net/10453/29643