<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672003000400051</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Making sense of the aggregate demand-supply model]]></article-title>
<article-title xml:lang="es"><![CDATA[Una interpretación del modelo de oferta y demanda agregada]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bhaduri]]></surname>
<given-names><![CDATA[Amit]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Laski]]></surname>
<given-names><![CDATA[Kazimierz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Riese]]></surname>
<given-names><![CDATA[Martin]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Jawaharlal Nehru University  ]]></institution>
<addr-line><![CDATA[ New Delhi]]></addr-line>
<country>India</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Johannes Kepler University  ]]></institution>
<addr-line><![CDATA[Linz ]]></addr-line>
<country>Austria</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Johannes Kepler University  ]]></institution>
<addr-line><![CDATA[Linz ]]></addr-line>
<country>Austria</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2003</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2003</year>
</pub-date>
<volume>63</volume>
<numero>243</numero>
<fpage>51</fpage>
<lpage>71</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672003000400051&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672003000400051&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672003000400051&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The central purpose of the paper is to highlight the logical inconsistency of the traditional Aggregate Demand-Aggregate Supply model, and to the so-called Keynesian comparative static results derived from it, which leads to inconsistent results when applied to out of equilibrium situations. The reason, the authors argue, is that in partial-equilibrium analysis households are distantly considered from firms, so that in aggregate demand-supply analysis such separation becomes untenable because firms are not only producers but providers of employment to households as well. The paper offers a further insight in the sequential dynamics of the General Theory, which lies behind this circularity of the income-expenditure flow and restates some of Kalecki&#8217;s and Keynes assertions after discussing two probable routes to solve this perceived inconsistency.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Tal y como se reconoce, el propósito central de este artículo es señalar la inconsistencia presente en los modelos de oferta y demanda agregada, y las interpretaciones en estática comparativa que se hacen de la teoría Keynesiana. La razón es que ambas construcciones conllevan interpretaciones inconsistentes cuando se aplican a situaciones fuera de equilibrio. La razón reside en el hecho de que tal y como son derivados estos modelos, consideran a los hogares en forma separada de las firmas o empresas a pesar de que éstas proveen de empleo (y de ingreso) a los primeros. Esto, a su vez, deviene de la circularidad del flujo de ingreso y gasto en la economía, y es precisamente este característica la que el artículo analiza, al amparo de las ideas de Keynes y Kalecki. De esta forma, el documento señala dos posibles rutas para resolver esta inconsistencia.]]></p></abstract>
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