Keynesian Theory and the AD-AS Framework: A Reconsideration

Contrary to what has been argued by a number of critics, the AD-AS framework is both internally consistent and in conformity with Keynes’s own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition to take into account aggregation problems as well as evidence from behavioral economics. Unencumbered by the straightjacket of optimizing microfoundations, the approach can provide a useful starting point for the analysis of dynamic macroeconomic interactions. In developing this analysis, the AD-AS approach can draw on insights from the Post Keynesian, neo-Marxian and structuralist traditions, as well as from the burgeoning literature on behavioral economics. JEL Categories: E12, O11, B22, B41, B50AS-AD, Keynes, New Keynesian theory, microeconomic foundations

Contractionary Effects of Stabilization and Long-Run Growth

This paper reviews models of long-run growth which assume that the economy is not on its so-called "normal" path, and in which both aggregate demand and aggregate supply issues have a role in determining long-run growth. This review shows that contractionary stabilization policies can have adverse long-run effects on growth, and may in fact exacerbate the problems they were intended to solve

Effect of shade materials on rectal temperature, respiration rate and body surface temperature of crossbred calves during rainy season

An attempt was made to study the effect of different shade materials on body surface temperature, rectal and respiration rate in Vrindavani calves during the rainy season. Crossbred calves (18) were divided into 3 group, viz. thatch shading roof with plastic covering (T1), agro-net shading roof- 60% light diffusion (T2), and asbestos with canvas shading roof (T3). The recording of macro and microclimate as well as the entire physiological parameters, viz. rectal temperature, respiration rate and body surface temperature were recorded at 9:00 and 2:00 PM for 2 consecutive days at every fortnight interval. The microclimate, viz. maximum and minimum, RH, THI and surface temperature of roof was lower in T2 group. The physiological parameters values were significantly lower in T2 group. It can be concluded that in rainy season agro-net helped to protect calves from the hot and humid condition