Makroekonomi 2, S1, FEUI, 2009 – Arianto A. Patunru Keynes and the Classics Scarth Chapter 3 AD and AS system • IS relationship Y = C[(1 – k)Y + I(i) + G (1) • LM relationship M/P = L(Y,i) (2) • Production function Y = F(N,K) (3) • Labor demand function W = PFN(N,K) (4) • Labor supply function W(1 – k) = PS(N) (5) Sloped of AD and AS dP LY LI [(1 CY d (1 k )] / I I 0 2 dY M P AD dP PFNN 0 2 dY FN AS AD schedule AS schedule The Classical model ΔAD & excess labor supply ΔAD & unfulfilled vacancies Generalized disequilibrium Falling demand with fixed W and P
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