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The document discusses the aggregate demand and supply (ADAS) model that is commonly taught in macroeconomics textbooks. It argues that the AD and AS curves in the ADAS model are conceptually different from their microeconomic counterparts and that ADAS implies the need for discretionary policy and a limitation of the traditional role of price adjustments in providing negative feedback. The paper aims to explain the nature of the underlying ISLM model and examine recent textbook variants of the ADAS model a

Author

halhoshan

Language

EN