Criticisms of Aggregate Demand and Aggregate Supply :

The Aggregate Demand – Aggregate Supply framework has dominated intermediate macroeconomics textbooks since the 1980s. However, there have been 2007). In spite of these criticisms, the ADAS framework had continued to dominate the textbooks, with little or no response to these criticisms. This paper reviews the main criticisms of the ADAS framework, and then focuses on Gregory Mankiw's presentation of ADAS in his best-selling Macroeconomics textbook. Two main criticisms will be discussed: logically inconsistent and empirically unrealistic. The paper is concerned primarily with the short run and the upward-sloping short run AS curve, because that is the curve that is logically inconsistent with the AD curve. So when I say " the AS curve " without qualification in the pages that follow, the implied meaning is the upward-sloping short run AS curve.