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The AD–AS or aggregate demand–aggregate supply model (also known as the aggregate supply–aggregate demand or AS–AD model) is a widely used macroeconomic model that explains short-run and long-run economic changes through the relationship of aggregate demand (AD) and aggregate supply (AS) in a diagram.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
The present Wikipedia entry on the ADAS model is quite inadequate. It fails to place the model properly in context. For one thing, it describes the model as based on the thinking of Keynes, whereas the conception which informs it is much closer to that of Professor Pigou, whose work was the target of Keynes's attack in the General Theory.
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The DAD–SAS model is a macroeconomic model based on the AD-AS model but that looks at the different incomes at different inflation levels.
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Juan Soto watches his solo home run in Game 2 of the 2024 World Series at Dodger Stadium. He hit .327 this past postseason for the Yankees with four homers, nine RBI and a 1.102 OPS in 14 games.