Abstract
Circularity and bizarre price level aspects spelled doom for the Hansen-Samuelson 45° macrotheory apparatus (Weintraub, 1961, ch. 1). Students still exposed to textbooks featuring it are precisely trained to cope with the 1930s Great Depression. Hicks' IS-LM technique is likewise clouded-as admitted in becoming candor by the author, although textbooks cling tenaciously to its flawed ways (Hicks, 1973; Weintraub, 1976). Thus it is encouraging to see Professor Parrinello (pp. 63-78 of this journal) revive the concepts of aggregate demand (AD or D, in obvious contexts) and aggregate supply (AS orZ) that I adopted long ago to convey Keynes' basic model (Weintraub, 1958). Obviously Keynes was the source, although Patinkin sees this origin as fragmentary and credits me with undue originality (Patinkin, 1979, p. 159 n). Nonetheless, I sensed it all in chapters 3 and 20 of The General Theory. While Keynes' quantities were money sums corrected by the wage unit, I used the (average) money wage as a shift parameter. Just as the Good Book lends itself to diverse interpretations by theologians, so do Keynesians, Patinkin, and others have different perceptions of Keynes' Great Book.
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