This is the ad that CBS
refused to run:
http://www.moveon.org/cbs/ad/
Go to the page and just click somewhere on the page.
This add is excellent, if MoveOn wants to appeal to Republicans.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
http://www.austin360.com/statesman/editions/sunday/business_1.html
Once, the tech industry was a lobbying lightweight in Washington. Then
Congress tried to attack stock options -- and high-tech learned how to
be a force to be reckoned with on Capitol Hill.
By Marilyn Geewax
WASHINGTON BUREAU
A few days ago I posted a job ad for a position at UMKC and said that it
was not the final final version. I don't have the final final in hand,
but two important changes. First, the level is now open--assistant,
associate or full may be hired. Second, a Ph.D. in economics is not
required
Original Message
Subject: Student Protests Against Horowitz Ad
Date: Wed, 28 Mar 2001 05:56:49 -0500 (EST)
From: Black Radical Congress [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
-
This is a Press Release/Statement
forwarded from SLATE magazine:
Another new [TV] ad is flagged near the bottom of the Post lead: a new one
for Ralph Nader that parodies Monster.com spots in which children say what
they want to be when they grow up. Sample lines: "I want to be lied to."
"I want to be apat
Jim Devine wrote:
BTW, is there any chance that there's some overlap between the
people who criticized Nader 4 years ago for not making a serious
campaign and those who now criticize him for making a serious
campaign? Both views seem to have been expressed in the [US] NATION
magazine.
Brad,
Which JEP article was that, please? Dave C. has
bloviated on AS/AD so many times and in so many
places that I am beginning to lose track. Also, others
might want to check his article out, even if AS/AD is
a non-issue
Barkley Rosser
-Original Message-
From: Brad DeLong
One more point. If I remember correctly
although McKenna may have introduced AS/AD
back in 1955, only to have it not take, when it took
was after it was introduced by Baumol and Blinder
in the late 1970s, although I think Branson might
have beaten them to the punch then. Anyway, just
michael,
OK, I grant that on pp. 300-303 of the GT, Keynes
does not describe an AD curve in P-Q space, although
he clearly describes an AS, curve, without calling it that.
So, perhaps a downward-sloping AD curve in P-Q
space is "non-Keynesian" in that sense. But, why i
that on pp. 300-303 of the GT, Keynes
does not describe an AD curve in P-Q space, although
he clearly describes an AS, curve, without calling it that.
So, perhaps a downward-sloping AD curve in P-Q
space is "non-Keynesian" in that sense. But, why is it
"anti-Keynesian"? A
michael,
I get the message that most (if not all) are
losing interest in this, so this will be my last on
this. But.
Not clear to me why AS/AD implies some
focus on prices as a policy variable, other than
that they are in there. Maybe there is more of a
tilt there. Keynesians
because prices are on the vertical axis.
michael,
I get the message that most (if not all) are
losing interest in this, so this will be my last on
this. But.
Not clear to me why AS/AD implies some
focus on prices as a policy variable, other than
Dear Jim,
Thank-you for your kind words about my book on PK Economics. Some
observations:
(1) Romer's AD schedule is in fact the IS schedule. His model is IS-LM
with a horizontal LM. The monetary authority is just setting the
interest rate - something lots of PKs have maintained for a very long
Michael Perelman forwarded a letter from Tom Palley to me concerning AS/AD,
IS/LM, etc.
Thank-you for your kind words about my book on PK Economics. Some
observations:
(1) Romer's AD schedule is in fact the IS schedule. His model is IS-LM
with a horizontal LM. The monetary authority is just
And, one other thing: AS/AD does NOT require
a fixed money supply, although several people on this
list have asserted that it does. Certainly to make the
"Keynes effect" argument or the more standard
version of the "Pigou effect" argument for why AD
Why is this AS/AD debate important?
Doug
Damned if I know. But I do know that Colander's article on it for the
_JEP_ generated more correspondence than any two other articles...
Brad DeLong
I apologize for giving such a flip answer to Doug's
question. Showed my own frustration. But, I would
like to follow up a bit more.
Peter is probably right that the major focus on
AS/AD does involve teaching econ and especially at
the introductory level. For better or worse it has
) is not the assumption of continuous full employment but rather
the version of Say's Law that says that increased saving (nowadays in the
form of an increased government budget surplus) leads to increased
investment. Of course, this whole issue is hidden behind the scenes in the
AS/AD diagram. To talk about it using
:45 PM
Subject: [PEN-L:941] Re: AS/AD
Barkley wrote:
... Let me mention one more aspect of this that may extend beyond just the
confines of the principles of econ class. If you
were following at all closely you may noticed me making a big deal about
whether books were using a vertical AS curve
I don't know whether I missed posts in which AS/AD was expanded or
whether everyone has presumed knowledge from the beginning. But what
does AS/AD stand for?
Carrol
At 05:14 PM 8/29/00 -0400, you wrote:
usually this Say's Law argument [i.e., that saving promotes investment]
is dragged in for the long run analysis. But, the new wave led
by the execrable Mankiw (...) is to place this huge emphasis on long run
growth.
In the NATION magazine, there's an
Barkley wrote:
... Let me mention one more aspect of this that may extend beyond
just the confines of the principles of econ class. If you
were following at all closely you may noticed me making a big deal
about whether books were using a vertical AS curve or not.
This assumption, increasingly
Jim,
But usually this Say's Law argument is dragged
in for the long run analysis. But, the new wave led
by the execrable Mankiw (with even Colander now
tagging along, bah) is to place this huge emphasis
on long run growth. I imagine that Brad D. approves
of this, given his ten billion
Carrol,
AS = aggregate supply and AD = aggregate demand.
BTW, although I spent a lot of time in my repartee with
that ex-hippie Peter Dorman, :-), on why or how AD slopes
down, that is not a big deal for me, although it is if one
wants to show a cost-push inflation. The more important
I wrote:
... The key classical assumption that pervades economics (and, seemingly,
Al Gore's mind) is not the assumption of continuous full employment but
rather the version of Say's Law that says that increased saving (nowadays
in the form of an increased government budget surplus) leads to
required
to do real teaching.
Doug Henwood wrote:
Why is this AS/AD debate important?
Doug
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
URGENT MEMO !
"EDUCATORS FOR MUMIA" NYTIMES AD NEEDS YOUR HELP NOW!
From Mark Taylor, Coordinator of the "Educators for Mumia" Ad Campaign.
___
With Mumia Abu-Jamal facing the very important Feder
the
ad. I am getting lots of queries!! Please do note that the hires will be
at the Assistant Prof level with a Ph.D.
Cheers,
Anthony P. D'Costa Research Member
Associate Professor
You think the job is alienated? What do you think the prescriptions are for?
michael yates wrote,
Here is a job ad from a Pittsburgh paper. Talk about alienated labor!
ROBOT TECHNICIAN
"Robot technicians assist a robotic prrescription-filling unit with
fi
Here is a job ad from a Pittsburgh paper. Talk about alienated labor!
ROBOT TECHNICIAN
"Robot technicians assist a robotic prrescription-filling unit with
filling prescriptions. Duties include preparing prescription vials,
loading those vials onto the
At 02:58 PM 12/22/98 EST, you wrote:
No, unlike Bill's, my apology is sincere and as for close to Bill's, well you
know the rest..."close but no cigar".
But you know, reductio ad absurdum/nauseum as a instrument of rhetoric and
reasoning does not so much suggest analogy as to expore
This is a multi-part message in MIME format.
--part0_914356735_boundary
No, unlike Bill's, my apology is sincere and as for close to Bill's, well you
know the rest..."close but no cigar".
But you know, reductio ad absurdum/nauseum as a instrument of rhetoric and
reasoning does n
3:42:21 -0500 (EST)
Tue, 22 Dec 1998 10:43:57 -0800 (PST)
be forged))
Date: Tue, 22 Dec 1998 09:25:22 -0800
To: [EMAIL PROTECTED]
From: Jim Devine [EMAIL PROTECTED]
Subject: [PEN-L:1839] Re: Fwd: Re: Re: Redutio ad Absurdum
In-Reply-To: [EMAIL PROTECTED]
Reply-To: [EMAIL PROTE
Jim Craven writes: The reason I see Auschwitz as an inexorable
metaphor/expression of
libertarianism is on the plane of the sterile, cold, calculating, selfish
calculus of maximization, "optimality", "efficiency" dog-eat-dog and rat-race
individualism embodied in the libertarian perspective
998 10:25:19 -0500 (EST)
Tue, 22 Dec 1998 07:25:01 -0800 (PST)
From: [EMAIL PROTECTED]
Date: Tue, 22 Dec 1998 10:23:25 -0500
Subject: [PEN-L:1830] Re: Re: Redutio ad Absurdum
In-reply-to: [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
v04003a01b2a44c1f5fdc@[136.152.90.200]
Reply-To: [EMAIL PR
At 04:36 PM 12/21/98 -0800, Ken Hanly wrote:
This is quite a different situation than people voluntarily trading to an
equilibrium in a market. No libertarian would approve of Auschwitz. It is
a clear
violation of rights. Jews didn't voluntarily work in the labor camps or go
to the
gashouses
G'day Brad,
Thanks for this:
I think famines work better--they make the point that if your labor-time
endowment has no value, then your utility has no weight in the social
welfare function that the market maximizes, and so you starve to death: the
market's equilibrium weighs each person's
Mon, 21 Dec 1998 22:42:24 -0500 (EST)
Mon, 21 Dec 1998 19:42:30 -0800 (PST)
From: "Patrick Bond" [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Date: Mon, 21 Dec 1998 22:47:40 +
Subject: [PEN-L:1817] Re: Fwd: Re: Re: Reductio Ad/Absurdum/Nauseum/Inhum
Reply-To: [EMAIL PRO
that it got the
Economist's blessing for impeccable argumentation).
From: [EMAIL PROTECTED]
Response: That is exactly right. Summers later claimed it was his own kind of
"reductio ad absurdum/nauseum" exercise he was doing. The problem is that that
memo had been widely
Brad De Long wrote:
"I do a little number in my Micro classes called "Pareto Optimality at
Auschwitz" ... "
Way back, I changed degrees half a semester into an education/economics
degree. Those who purported to teach how to teach couldn't teach, and
those who purported to
I loved the reference to the infamous "Summers Memo" as a concentrated
expression/self-parody of neoclassical economics "applied" and the resultant
reductio ad/absurdum/nauseum/inhumanum. Imagine, how refined and sterile the
suggestion/assertion that the calculus of marginal &
"I do a little number in my Micro classes called "Pareto Optimality at
Auschwitz" ... "
Way back, I changed degrees half a semester into an education/economics
degree. Those who purported to teach how to teach couldn't teach, and
those who purported to explain human behaviour weren't talking
At 11:11 AM 12/21/98 -0800, Brad deLong wrote:
I think famines work better because starvation is not a willed and desired
objective of anyone in the market--while mass death certainly was a willed
and desired objective of those who ran the show during the "final
solution."
Hmm... Wasn't
ong [EMAIL PROTECTED]
Subject: [PEN-L:1792] Redutio ad Absurdum
Reply-To: [EMAIL PROTECTED]
Sender: [EMAIL PROTECTED]
"I do a little number in my Micro classes called "Pareto Optimality at
Auschwitz" ... "
Way back, I changed degrees half a semester into an education/economic
This is a multi-part message in MIME format.
--part0_914258616_boundary
Response: That is exactly right. Summers later claimed it was his own kind of
"reductio ad absurdum/nauseum" exercise he was doing. The problem is that that
memo had been widely circulated and quoted internally-
I loved the reference to the infamous "Summers Memo" as a concentrated
expression/self-parody of neoclassical economics "applied" and the resultant
...
applied when they deign to descend the lofty heights of theory to actual
IN response to Ajit, I was referring to the fact that Wittgenstein
thought that his model of how language operated in the TRACTATUS was
incorrect. The INVESTIGATIONS is an extended critique of that model
among other things.
Some people seem to think that it provides an alternative model--that
Louis Proyect wrote:
Speaking of enlightenment, can we do somethinb about the "RE RE RE RE RE ad
infinitum" problem?
Yes, and no. The software will keep inserting the RE's, but you can manually
edit them out before you send your message.--
Michael Perelman
Economics Department
Below is a message I have received that the Mumia support ad
appeared in the New York Times yesterday.
Below that I include the resolution in support of a retrail for Mumia
which passed the UUP Delegate Assembly--the faculty and professional
staff union of SUNY.
In Solidarity, Paul Zarembka
At 01:26 24/06/98 -0400, you wrote:
This response from Mumia's attorney to a NYT ad surveys the deficiencies
of the state's case for killing Mumia and provides a basis for
understanding a demand for Mumia's immediate release.
Paul Zarembka
__
What can a person like me, who
This response from Mumia's attorney to a NYT ad surveys the deficiencies
of the state's case for killing Mumia and provides a basis for
understanding a demand for Mumia's immediate release.
Paul Zarembka
-- Forwarded message --
Date: Tue, 23 Jun 1998 10:23:09 EDT
From: [EMAIL
The issue I think isn't Diana but the common
understanding of her, which is deeply flawed,
to say the least.
Though this addressed a comment of Sid's, my answer is that Diana,
for reasons I've already mentioned, was and is a profoundly British
phenomenon. Let the Brits sort her out; the
I'm sorry if the following repeats anything that Sid, Elaine,
Anders, and Louis said (not because they're wrong but because
repetition is boring). I'll limit my discussion to a small number of
points. Sorry if my missive is still too long.
The ascension of Bill Clinton, Tony Blair and
similar developments (e.g., the defeat of the
far-right) have set off a new round of angst over
the shortcomings of social democracy of
which Jim Devine's (JD) "requiem" is the object
of my criticism.
One immediate spur was Blair's pledge to
On 30 Jan 97 at 10:06, Doug Henwood wrote:
At 9:26 AM 1/30/97, Max B. Sawicky wrote:
In my perception of the political/media/public treatment of UE,
when UE breaches 7.0 it's a signal that there's a problem. Short
of that, we're in the de factor NAIRU zone, under the conventional
wisdom.
At 9:26 AM 1/30/97, Max B. Sawicky wrote:
In my perception of the political/media/public treatment of UE,
when UE breaches 7.0 it's a signal that there's a problem. Short
of that, we're in the de factor NAIRU zone, under the conventional
wisdom. If it is possible to make an effective stink
At 9:26 AM 1/30/97, Max B. Sawicky wrote:
In my perception of the political/media/public treatment of UE,
when UE breaches 7.0 it's a signal that there's a problem. Short
of that, we're in the de factor NAIRU zone, under the conventional
wisdom. If it is possible to make an effective stink
On 30 Jan 97 at 7:23, Robert Cherry wrote:
In a previous posting I wrote:
3. If Sweeney is worth anything, why wouldn't he want to have a mass
mobilization around Real Full Employment? Is it foolish to think that
having
a real Labor Day next September when in every city the unions
In a previous posting I wrote:
3. If Sweeney is worth anything, why wouldn't he want to have a mass
mobilization around Real Full Employment? Is it foolish to think that
having
a real Labor Day next September when in every city the unions have a
mobilization with other groups around
Max: Thanks for the thoughtful and forthright reply.
1. Is it polyanish to believe that a real full employment statement that says
it is reasonable to accept some modest inflationary increase if it means jobs
and raises for working people could be adopted by the AFL-CIO leadership and
I am a strong supporter of the EPI and have signed ad. However, I am
increasingly disheartened by the lack of focus of the EPI on
the issue of full employment. In the election ad, some in the EPI
capitulated to the claim that we are so near full employment that there is
not much room
On 29 Jan 97 at 10:41, Robert Cherry wrote:
I am a strong supporter of the EPI and have signed ad. However, I am
increasingly disheartened by the lack of focus of the EPI on
the issue of full employment. In the election ad, some in the EPI
capitulated to the claim that we are so near
From: Robert Cherry [EMAIL PROTECTED]
Subject: [PEN-L:8387] Re: BalBudget Ad
1. Is it polyanish to believe that a real full employment statement that says
it is reasonable to accept some modest inflationary increase if it means jobs
and raises for working people could
Forwarded message:
Date: Thu, 24 Oct 1996 15:05:19 -0700 (PDT)
To: [EMAIL PROTECTED]
From: "Telecommunication Workers Union" [EMAIL PROTECTED]
Sender: Telecommunications Workers Union [EMAIL PROTECTED]
Subject: TWU - Newspaper Ad
X-Unsubscribe: Send blank message to [EMAIL
At 5:39 PM 10/16/96, Bill Moore wrote:
From another List, earlier today...related to Doug's posting. BtC
-- Forwarded message --
There is talk all over the Internet today regarding a Clinton radio ad that
aired today which included touting Clinton's signing of DOMA
from another list, the transcript of Clinton's infamous radio ad:
CLINTON CHRISTIAN RADIO AD
:60 SECONDS
TRANSCRIBED OCTOBER 14, 1996
Protecting religious freedom. It's the foundation of our nation.
When the Justice Department went after a church to gather the
parishioners
From another List, earlier today...related to Doug's posting. BtC
-- Forwarded message --
There is talk all over the Internet today regarding a Clinton radio ad that
aired today which included touting Clinton's signing of DOMA as a positive
accomplishment (this ad
The following ad will appear in the October JOE. If you have questions
about the ad, please e-mail me privately. I would also appreciate it if
you could forward this job description to colleagues who might be
interested. We will be interviewing at the meetings in New Orleans
The Bell Business Report is seeking candidates for licensing agreements
(could be print or electronic) to aid in its resurrection. The concept
of this newsletter is to further the understanding of
economics for entrepreneurs and any interested layperson. It was
published without rest for 5
I just read David Colander's critique of AS/AD in the latest JEP. It is
strongly worded, but the substance of his critique is much weaker than the
arguments I and others presented on this list a while back. His proposed
reconstruction is, I think, a nonstarter.
Peter Dorman
Peter Dorman reminds us of a discussion we had awhile back on pen-l:
I just read David Colander's critique of AS/AD in the latest JEP. It is
strongly worded, but the substance of his critique is much weaker than the
arguments I and others presented on this list a while back. His proposed
inflation, explained by shifts of AS shifts and/or AD
shifts, including AS shifts induced by high GDP relative to
potential.
The AS/AD diagram thus is used for only explaining rises and
falls of inflation relative to the core rate.
The core rate changes slowly as actual inflation exceeds (or is
below
At 1:41 PM 5/25/95, [EMAIL PROTECTED] wrote:
Hate the Congress's welfare "reform" package (a.k.a. the Personal
Responsibility Act)? Well, now there's something you can do about it.
The Media Campaign for Fairness on Welfare is trying to run a signature (I
think) ad in the Sunda
Hate the Congress's welfare "reform" package (a.k.a. the Personal
Responsibility Act)? Well, now there's something you can do about it.
The Media Campaign for Fairness on Welfare is trying to run a signature (I
think) ad in the Sunday New York Times early in June urging Clint
To respond to Ellen Frank's latest posting (I'm glad someone is
still interested in the AD/AS brouhaha!), I would say first that
what is needed is a graphical framework in which P-dot is on the
vertical axis and not Y but Y/Y* (or U) is on the horizontal axis;
the latter approach sets the stage
To respond to Ellen Frank's latest posting (I'm glad someone is
still interested in the AD/AS brouhaha!), I would say first that
what is needed is a graphical framework in which P-dot is on the
vertical axis and not Y but Y/Y* (or U) is on the horizontal axis;
the latter approach sets the stage
tion to change. Obviously such
a point cannot be depicted on an AS/AD diagram; but, to repeat
an earlier point, that does not ipso facto render an AS/AD
diagram useless as a stepping stone to the required P-dot/U
Phillips Curve framework. On the substantive question as to
wheth
Peter,
My apologies for my flip "textbook" remark. Indeed
most intermediate macro presentations of ISLM are profoundly
flawed for reasons probably not worth getting into here.
The issue of the "Keynes effect" boils down to the liquidity
preference demand for money diagram as it shows
tion to change. Obviously such
a point cannot be depicted on an AS/AD diagram; but, to repeat
an earlier point, that does not ipso facto render an AS/AD
diagram useless as a stepping stone to the required P-dot/U
Phillips Curve framework. On the substantive question as to
wheth
Peter,
My apologies for my flip "textbook" remark. Indeed
most intermediate macro presentations of ISLM are profoundly
flawed for reasons probably not worth getting into here.
The issue of the "Keynes effect" boils down to the liquidity
preference demand for money diagram as it shows
Well, here we go again on AS-AD: The Theory that Would Not Die.
I won't reply to Barkley's comments on foreign substitution
except to say that I am not impressed by references to textbooks,
since I have seen them say dubious things in the past. This is
not to say I assume them to be wrong, just
to make this simple (-minded) AD slope downwards.
Has winter ended yet in Lansing? It snowed in Boston for
the EEA.
Barkley Rosser
James Madison University
To Peter Dorman: The effect of having Korea and Taiwan pegged
to the $ was offset by having most of Latin America also pegged
to the $.
I agree with Tom Weisskopf's last posting (was going to make
same point myself) about role of interest rates. Clearly that
depends on MS constant and we
To Peter Dorman: The effect of having Korea and Taiwan pegged
to the $ was offset by having most of Latin America also pegged
to the $.
I agree with Tom Weisskopf's last posting (was going to make
same point myself) about role of interest rates. Clearly that
depends on MS constant and we
Recent exchanges on the AD curve have helped to clarify issues
further, and I am moving ever closer to rejecting the whole
apparatus. Yet I am not quite to that point, and -- at the risk
of boring most PENners -- I would like to appeal to those who are
still interested in this question
historical examples to prove or
disprove ceteris paribus-type arguments. But the foreign substitution
argument for a downward sloping AD curve is essentially logical, not
historical. And logically it requires agents to *underrespond* to rising
prices. Indeed, if they *overrespond* (as well they might) th
Jim, you're forcing me to get technical. (If you can quote pop
songs, so can I: "I wan't to get technical, technical...") What I
meant was this:
XR = f(DM, DX, DDFA, FDDA, RIF-RID, SH, EXP, PDOTF-PDOTD)
where
DM = demand for imports
DX = demand for exports
DDFA = domestic demand for foreign
Jim, you're forcing me to get technical. (If you can quote pop
songs, so can I: "I wan't to get technical, technical...") What I
meant was this:
XR = f(DM, DX, DDFA, FDDA, RIF-RID, SH, EXP, PDOTF-PDOTD)
where
DM = demand for imports
DX = demand for exports
DDFA = domestic demand for foreign
Thanks, Peter. So what you're saying is that the difference between
price levels and inflation rates is crucial. The classical adjustment
mechanism presumed by comparative-advantage stories does not work
to balance trade by adjusting prices. But the aggregate demand
effect (P in US rises
level macro generally eschews AS-AD for other more
complicated lies, see exhanges on LTV, Sraffian prices, Walrasian
hooliganism, game theory games, and Marx on money magic, oops some
of those are micro,but the cool New-neo crowd sees all that as
"foundational" anyway (yet anothe
Jim: right!
Barkley: I agree that currency markets are bazooey, but I still think that if
domestic prices go up and no other "fundamentals" change, the markets are more
likely to be bazooey on the downside than the upside of the original exchange
rate. Nothing more than that.
Peter Dorman
s do occur and
there is a reason for the AD curve to slope downward. This
also implies that absolute advantage dominates comparative
advantage, at least in the short run.
I think (2) is accurate, but the point is you can't have
"your Kate and Edith too" as a famous Country Western
song put it. If you se
s do occur and
there is a reason for the AD curve to slope downward. This
also implies that absolute advantage dominates comparative
advantage, at least in the short run.
I think (2) is accurate, but the point is you can't have
"your Kate and Edith too" as a famous Country Western
song put it. If you se
I guess this is one of those nostalgic periods on PEN-L when old
debates come back for a second run. Tom W. wonders how it can be
that, in one context, I claim that absolute advantage does not
rule because exchange rates need not adjust to balance the current
account, and in another I claim that
elf (and I think you as well) have mentioned which is the
lack of independence of AD and AS.
3) no comment
4) On international sub. effect, this is the point I made in my JPKE
article. On the other hand foreign exchange markets are perhaps the
most notoriously unpredictable and irrational of t
I guess this is one of those nostalgic periods on PEN-L when old
debates come back for a second run. Tom W. wonders how it can be
that, in one context, I claim that absolute advantage does not
rule because exchange rates need not adjust to balance the current
account, and in another I claim that
1) Yes, there are numerous difficulties with AS and AD, one not
mentioned so far is the interdependence of the two, perhaps implicit
in Peter Dorman's comments on circular flow models. Colander's new
text basically has vertical (classical) AS curves that shift when AD
changes, no question
Dear Penners --
Thanks for your responses to my AD query. I'm still
a bit confused though. Two questions:
Why do we assume that an increase in A PRICE (supply
shock like OPEC) implies an increase in the PRICE LEVEL?
If the AD curve is drawn on the basis
Alas, just when I thought I might actually get some work done, I
have been summoned to make an appearance on PEN-L. I have no idea
whether I delivered a knockout blow to the AD curve (or AS--read
on), but, instead of referring people to the archive, maybe it
will be a public service to repeat my
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