Procrustean Art of Backtracking: “Short-run AS Curve”
To begin, we have in the AS-AD model the real GDP [ Y = ( Nominal GDP)/ (the price level ) ] on the abscissa and the price level on the ordinate. Some Q&A’s, first: 1) What is “the price level”? Ask macroeconomists, please. 2) What is “the real GDP”? Ask macroeconomists, please. 3) What is a “short run” like? Ask macroeconomists, please 4) What is the “AS (for aggregate supply)”? Ask macroeconomists, please. 5) What is a “curve” like? Ask macroeconomists, please. 6) What is “the short-run AS curve”? Ask macroeconomists, please. 7) How are “the price level” for GDP and “the price level” for the AS-AD model related? That’s a great question, but again “Ask macroeconomists, please.” Among the rest of ...