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mw-first-heading"><span class="mw-page-title-main">Aggregate supply</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 20 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-20" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">20 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B9%D8%B1%D8%B6_%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A" title="عرض إجمالي – Arabic" lang="ar" hreflang="ar" data-title="عرض إجمالي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/M%C9%99cmu_t%C9%99klif" title="Məcmu təklif – Azerbaijani" lang="az" hreflang="az" data-title="Məcmu təklif" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Agreg%C3%A1tn%C3%AD_nab%C3%ADdka" title="Agregátní nabídka – Czech" lang="cs" hreflang="cs" data-title="Agregátní nabídka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Gesamtwirtschaftliches_Angebot" title="Gesamtwirtschaftliches Angebot – German" lang="de" hreflang="de" data-title="Gesamtwirtschaftliches Angebot" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Kogupakkumine" title="Kogupakkumine – Estonian" lang="et" hreflang="et" data-title="Kogupakkumine" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Oferta_agregada" title="Oferta agregada – Spanish" lang="es" hreflang="es" data-title="Oferta agregada" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B9%D8%B1%D8%B6%D9%87_%DA%A9%D9%84" title="عرضه کل – Persian" lang="fa" hreflang="fa" data-title="عرضه کل" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%B4%9D%EA%B3%B5%EA%B8%89" title="총공급 – Korean" lang="ko" hreflang="ko" data-title="총공급" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D5%B4%D5%A2%D5%B8%D5%B2%D5%BB%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A1%D5%BC%D5%A1%D5%BB%D5%A1%D6%80%D5%AF" title="Ամբողջական առաջարկ – Armenian" lang="hy" hreflang="hy" data-title="Ամբողջական առաջարկ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Offerta_aggregata" title="Offerta aggregata – Italian" lang="it" hreflang="it" data-title="Offerta aggregata" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%90%D0%B3%D1%80%D0%B5%D0%B3%D0%B0%D1%82%D0%BD%D0%B0_%D0%BF%D0%BE%D0%BD%D1%83%D0%B4%D0%B0" title="Агрегатна понуда – Macedonian" lang="mk" hreflang="mk" data-title="Агрегатна понуда" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B7%8F%E4%BE%9B%E7%B5%A6%E9%96%A2%E6%95%B0" title="総供給関数 – Japanese" lang="ja" hreflang="ja" data-title="総供給関数" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Yalpi_taklif" title="Yalpi taklif – Uzbek" lang="uz" hreflang="uz" data-title="Yalpi taklif" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Zagregowana_poda%C5%BC" title="Zagregowana podaż – Polish" lang="pl" hreflang="pl" data-title="Zagregowana podaż" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Oferta_agregada" title="Oferta agregada – Portuguese" lang="pt" hreflang="pt" data-title="Oferta agregada" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D0%BE%D0%B2%D0%BE%D0%BA%D1%83%D0%BF%D0%BD%D0%BE%D0%B5_%D0%BF%D1%80%D0%B5%D0%B4%D0%BB%D0%BE%D0%B6%D0%B5%D0%BD%D0%B8%D0%B5" title="Совокупное предложение – Russian" lang="ru" hreflang="ru" data-title="Совокупное предложение" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Aggregerat_utbud" title="Aggregerat utbud – Swedish" lang="sv" hreflang="sv" data-title="Aggregerat utbud" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A1%D1%83%D0%BA%D1%83%D0%BF%D0%BD%D0%B0_%D0%BF%D1%80%D0%BE%D0%BF%D0%BE%D0%B7%D0%B8%D1%86%D1%96%D1%8F" title="Сукупна пропозиція – Ukrainian" lang="uk" hreflang="uk" 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.mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a class="mw-selflink selflink">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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.navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Aggregate_supply.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Aggregate_supply.svg/400px-Aggregate_supply.svg.png" decoding="async" width="400" height="267" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Aggregate_supply.svg/600px-Aggregate_supply.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Aggregate_supply.svg/800px-Aggregate_supply.svg.png 2x" data-file-width="600" data-file-height="400" /></a><figcaption>Aggregate supply curve showing the three ranges: Keynesian, Intermediate, and Classical. In the Classical range, the economy is producing at full employment.</figcaption></figure> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, <b>aggregate supply</b> (<b>AS</b>) or <b>domestic final supply</b> (<b>DFS</b>) is the total supply of goods and services that firms in a national <a href="/wiki/Economy" title="Economy">economy</a> plan on selling during a specific time period. It is the total amount of goods and services that firms are willing and able to sell at a given price level in an economy.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Together with <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> it serves as one of two components for the <a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS model</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Analysis">Analysis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=1" title="Edit section: Analysis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are two main reasons why the amount of aggregate output supplied might rise as price level <i>P</i> rises, i.e., why the <i>AS</i> curve is upward sloping: </p> <ul><li>The short-run <i>AS</i> curve is drawn given some nominal variables such as the nominal wage rate, which is assumed fixed in the <i>short run</i>. Thus, a higher price level <i>P</i> implies a lower real wage rate and thus an incentive to produce more output. In the <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> <i>long run</i>, on the other hand, the nominal wage rate varies with economic conditions. (High unemployment leads to falling nominal wages which restore full employment.) Hence, in the long run, the aggregate supply curve is vertical.</li> <li>An alternative model starts with the notion that any economy involves a large number of heterogeneous types of inputs, including both fixed capital equipment and labour. Both main types of inputs can be unemployed. The upward-sloping <i>AS</i> curve arises because (1) some nominal input prices are fixed in the short run and (2) as output rises, more and more production processes encounter <a href="/wiki/Bottleneck_(project_management)" class="mw-redirect" title="Bottleneck (project management)">bottlenecks</a>. At low levels of demand, there are large numbers of production processes that do not use their fixed capital equipment fully. Thus, production can be increased without much in the way of diminishing returns and the average price level need not rise much (if at all) to justify increased production. The <i>AS</i> curve is flat. On the other hand, when demand is high, few production processes have unemployed fixed inputs. Thus, bottlenecks are general. Any increase in demand and production induces increases in prices. Thus, the <i>AS</i> curve is steep or vertical.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Different_scopes">Different scopes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=2" title="Edit section: Different scopes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are generally three alternative degrees of price-level responsiveness of aggregate supply. They are: </p> <ol><li><i>Short-run aggregate supply</i> (SRAS) — During the short-run, firms possess one fixed factor of production (usually capital), and some factor input prices are sticky. The quantity of aggregate output supplied is highly sensitive to the price level, as seen in the flat region of the curve in the above diagram.</li> <li><i>Long-run aggregate supply</i> (LRAS) — Over the long run, only capital, labour, and technology affect the LRAS in the macroeconomic model because at this point everything in the economy is assumed to be used optimally. In most situations, the LRAS is viewed as static because it shifts the slowest of the three. The LRAS is shown as perfectly vertical, reflecting economists' belief that changes in aggregate demand (AD) have an only temporary change on the economy's total output.</li> <li><i>Medium run aggregate supply</i> (MRAS) — As an interim between SRAS and LRAS, the MRAS form slopes upward and reflects when capital, as well as labor usage, can change. More specifically, medium run aggregate supply is like this for three theoretical reasons, namely the Sticky-Wage Theory, the Sticky-Price Theory and the Misperception Theory. The position of the MRAS curve is affected by capital, labour, technology, and wage rate.</li></ol> <p>In the standard <a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">aggregate supply–aggregate demand model</a>, real output (Y) is plotted on the horizontal axis and the price level (P) on the vertical axis. The levels of output and the price level are determined by the intersection of the aggregate supply curve with the downward-sloping <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> curve. </p> <div class="mw-heading mw-heading2"><h2 id="Data">Data</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=3" title="Edit section: Data"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United Kingdom, aggregate supply data is published in the <a href="/wiki/Office_for_National_Statistics" title="Office for National Statistics">Office for National Statistics</a>' <i>Input–output supply and use tables</i>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Policy_interventions">Policy interventions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=4" title="Edit section: Policy interventions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Aggregate supply is targeted by government "supply-side policies", which are intended to increase productive efficiency and hence national output. Some examples of supply-side policies include education and training, <a href="/wiki/Research_and_development" title="Research and development">research and development</a>, supporting <a href="/wiki/Small_and_medium-sized_enterprises" title="Small and medium-sized enterprises">small/medium entreprise</a>, reducing <a href="/wiki/Business_tax" class="mw-redirect" title="Business tax">business taxes</a>, undertaking labour market reforms to diminish frictions that may hold down output, and investment in infrastructure. For example, the United Kingdom's 2011 <a href="/wiki/Autumn_Statement" class="mw-redirect" title="Autumn Statement">Autumn Statement</a> incorporated a series of supply-side measures which the government was undertaking "to rebalance and strengthen the economy in the medium term", which included extensive infrastructure investment and development of a more educated workforce.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Supply-side reforms in the <a href="/wiki/March_2015_United_Kingdom_budget" title="March 2015 United Kingdom budget">2015 Budget</a> addressed the nation's <a href="/wiki/Digital_communications" class="mw-redirect" title="Digital communications">digital communications</a> infrastructure, transport, energy and the environment.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In a speech to the <a href="/wiki/G20" title="G20">G20</a> in February 2016, <a href="/wiki/Mark_Carney" title="Mark Carney">Mark Carney</a>, Governor of the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, urged G20 members "to develop a coherent and urgent approach to supply-side policies".<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Continuing "supply-side reforms" were proposed by <a href="/wiki/Liz_Truss" title="Liz Truss">Liz Truss</a> and Chancellor <a href="/wiki/Kwasi_Kwarteng" title="Kwasi Kwarteng">Kwasi Kwarteng</a> as part of their 2022 economic programme,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> with reference to "a comprehensive package of supply-side reform and tax cuts" being made in the <a href="/wiki/September_2022_United_Kingdom_mini-budget" title="September 2022 United Kingdom mini-budget">Growth Plan</a> announced on 23 September 2022,<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> and further supply side growth measures promised for October and early November, including measures affecting the <a href="/wiki/Planning_permission_in_the_United_Kingdom" title="Planning permission in the United Kingdom">planning system</a>, business regulation, childcare, immigration, <a href="/wiki/Agricultural_productivity" title="Agricultural productivity">agricultural productivity</a> and digital infrastructure.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> However, Larry Elliott in <i>The Guardian</i> has described this combination of reforms, reduced regulation and tax cuts as "one huge gamble".<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The September Growth Plan commitments were mostly reversed by the <a href="/wiki/November_2022_United_Kingdom_autumn_statement" title="November 2022 United Kingdom autumn statement">Autumn Statement of 17 November 2022</a>, although a limited number of initiatives relating to "supply side growth" were included in the latter statement.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Within the UK government, HM Treasury's work on "the supply side" is led by the Enterprise and Growth Unit,<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> working in conjunction with other government departments and public bodies.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> <a href="/wiki/John_Kingman_(businessman)" title="John Kingman (businessman)">Sir John Kingman</a>, a former civil servant who has been described as the "champion of HM Treasury's supply-side activism",<sup id="cite_ref-ross_14-0" class="reference"><a href="#cite_note-ross-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> has referred to concern with "the supply side" as the "third mission" of the Treasury,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> presenting former <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a> <a href="/wiki/Nigel_Lawson" title="Nigel Lawson">Nigel Lawson</a> as a notable example of "those who believe in the importance of supply-side reform".<sup id="cite_ref-ross_14-1" class="reference"><a href="#cite_note-ross-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>"Supply-side pessimism" reflects a concern that productive capacity is lost when unused (e.g. during a <a href="/wiki/Recession" title="Recession">recession</a>), so that the economy loses the ability to recover aggregate supply when demand recovers. For example, unused factories are not kept in a state of readiness to be used when an economic upturn begins, or workers miss out on the skills and training which they would normally acquire whilst in work.<sup id="cite_ref-ft_16-0" class="reference"><a href="#cite_note-ft-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Spencer_Dale" title="Spencer Dale">Spencer Dale</a>, a British economist who sat on the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>'s <a href="/wiki/Monetary_Policy_Committee_(United_Kingdom)" title="Monetary Policy Committee (United Kingdom)">Monetary Policy Committee</a> between 2008 and 2014, took a pessimistic view of supply-side capabilities during the recession of 2012.<sup id="cite_ref-ft_16-1" class="reference"><a href="#cite_note-ft-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Centre_for_Business_Research" class="mw-redirect" title="Centre for Business Research">Cambridge</a> economist Bill Martin reported on productivity pessimism in 2012, noting that there was an established debate about whether there had been a permanent loss of productive capacity,<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> which was reflected as a continuing level of "uncertainty ... related to the prospects for labour productivity and effective supply" as the economy recovered in 2013.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 16em;"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation problem</a></li> <li><a href="/wiki/Economic_equilibrium#Disequilibrium" title="Economic equilibrium">Disequilibrium</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/Shortage" title="Shortage">Excess demand</a></li> <li><a href="/wiki/Excess_demand_function" title="Excess demand function">Excess demand function</a></li> <li><a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Induced_demand" title="Induced demand">Induced demand</a></li> <li><a href="/wiki/Keynesian_formula" class="mw-redirect" title="Keynesian formula">Keynesian formula</a></li> <li><a href="/wiki/Reproduction_(economics)" title="Reproduction (economics)">Reproduction</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px 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.cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBlanchardJohnson2012" class="citation book cs1">Blanchard, Olivier; Johnson, David (2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240210214908/https://home.ufam.edu.br/andersonlfc/MacroI/Livro%20Macro.pdf"><i>Macroeconomics</i></a> <span class="cs1-format">(PDF)</span> (6th ed.). Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-306163-5" title="Special:BookSources/978-0-13-306163-5"><bdi>978-0-13-306163-5</bdi></a>. Archived from <a rel="nofollow" class="external text" href="https://home.ufam.edu.br/andersonlfc/MacroI/Livro%20Macro.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2024-02-10.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.edition=6th&rft.pub=Pearson&rft.date=2012&rft.isbn=978-0-13-306163-5&rft.aulast=Blanchard&rft.aufirst=Olivier&rft.au=Johnson%2C+David&rft_id=https%3A%2F%2Fhome.ufam.edu.br%2Fandersonlfc%2FMacroI%2FLivro%2520Macro.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAggregate+supply" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Office for National Statistics, <a rel="nofollow" class="external text" href="https://www.ons.gov.uk/economy/nationalaccounts/supplyandusetables/datasets/inputoutputsupplyandusetables">Input–output supply and use tables</a>, last published 29 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text" href="https://www.gov.uk/government/news/chancellor-kwasi-kwarteng-sets-out-economic-priorities-in-first-meeting-with-market-leaders">Chancellor Kwasi Kwarteng sets out economic priorities in first meeting with market leaders</a>, updated 7 September 2022, accessed 14 September 2022</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><span typeof="mw:File"><a href="/wiki/Open_Government_Licence" title="Open Government Licence"><img alt="This article contains OGL licensed text" src="//upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/22px-UKOpenGovernmentLicence.svg.png" decoding="async" width="22" height="9" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/33px-UKOpenGovernmentLicence.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/44px-UKOpenGovernmentLicence.svg.png 2x" data-file-width="512" data-file-height="207" /></a></span> This article incorporates text published under the British <a href="/wiki/Open_Government_Licence" title="Open Government Licence">Open Government Licence</a>: HM Treasury, <a rel="nofollow" class="external text" href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105985/HMT_Autumn_Statement_2022_PRINT.pdf">The Growth Plan 2022</a>, published 23 September, p. 9</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><span typeof="mw:File"><a href="/wiki/Open_Government_Licence" title="Open Government Licence"><img alt="This article contains OGL licensed text" src="//upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/22px-UKOpenGovernmentLicence.svg.png" decoding="async" width="22" height="9" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/33px-UKOpenGovernmentLicence.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/46/UKOpenGovernmentLicence.svg/44px-UKOpenGovernmentLicence.svg.png 2x" data-file-width="512" data-file-height="207" /></a></span> This article incorporates text published under the British <a href="/wiki/Open_Government_Licence" title="Open Government Licence">Open Government Licence</a>: HM Treasury, <a rel="nofollow" class="external text" href="https://www.gov.uk/government/news/update-on-growth-plan-implementation">Update on Growth Plan implementation</a>, published 26 September 2022, accessed 8 October 2022</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Elliott, L., <a rel="nofollow" class="external text" href="https://www.theguardian.com/politics/2022/sep/23/kwasi-kwarteng-tax-giveaway-huge-gamble">History suggests Kwarteng's gargantuan economic gamble won't end well</a>, <i>The Guardian</i>, published 23 September 2022, accessed 26 September 2022</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">HM Treasury, <a rel="nofollow" class="external text" href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118429/CCS1022065440-001_SECURE_HMT_Autumn_Statement_November_2022_BOOK.pdf">Autumn Statement 2022</a>, sections 2.4, 5.70-5.75, published 17 November 2022, accessed 18 November 2022</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a href="/wiki/Treasury_Select_Committee" title="Treasury Select Committee">House of Commons Treasury Committee</a>, <a rel="nofollow" class="external text" href="https://committees.parliament.uk/oralevidence/3132/pdf/">Oral evidence: the work of the Treasury</a>, HC 912, statement by <a href="/wiki/Tom_Scholar" title="Tom Scholar">Sir Tom Scholar</a>, published 1 December 2021, accessed 21 September 2022</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">HM Treasury Careers, <a rel="nofollow" class="external text" href="https://www.hmtreasurycareers.co.uk/about-us/role-of-hm-treasury/#accordion-item-3">Role of HM Treasury</a>, accessed 23 September 2022</span> </li> <li id="cite_note-ross-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-ross_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ross_14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Ross, M., <a rel="nofollow" class="external text" href="https://www.globalgovernmentforum.com/john-kingman-champion-of-hm-treasurys-supply-side-interventionalism-warns-of-brexit-threat/">John Kingman, champion of HM Treasury's supply-side activism, warns of Brexit threat</a>, <i>Global Government Forum</i>, published 24 October 2016, accessed 21 September 2022</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Kingman, J., <a rel="nofollow" class="external text" href="https://s26304.pcdn.co/wp-content/uploads/328294000-Kingman-Speech.pdf">The Treasury and the Supply Side</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220925194137/https://s26304.pcdn.co/wp-content/uploads/328294000-Kingman-Speech.pdf">Archived</a> 2022-09-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, a lecture given for the Strand Group, an arm of the Policy Institute at <a href="/wiki/King%27s_College_London" title="King's College London">King's College London</a>, October 2016, accessed 21 September 2022</span> </li> <li id="cite_note-ft-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-ft_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ft_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Jones, C., Cohen, N., <a rel="nofollow" class="external text" href="https://www.ft.com/content/5bd841c6-af0e-11e1-a8a7-00144feabdc0">Battle rages over supply shock risks to economy</a>, <i>Financial Times</i>, 5 June 2012, accessed 26 August 2022</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Martin, B., <a rel="nofollow" class="external text" href="https://www.cbr.cam.ac.uk/wp-content/uploads/2020/08/specialreport-britisheconomysupply.pdf">Is the British economy supply constrained? A critique of productivity pessimism</a>, published July 2011, accessed 26 August 2022</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Monetary Policy Committee of the Bank of England, <a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/-/media/boe/files/minutes/2013/minutes-august-2013.pdf">Minutes of the meeting held on 31 July and 1 August 2013</a>, published 14 August 2013, accessed 26 August 2022</span> </li> </ol></div></div> <ul><li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman, Paul</a>; <a href="/wiki/Robin_Wells" title="Robin Wells">Wells, Robin</a>; <a href="/wiki/Martha_Olney" title="Martha Olney">Olney, Martha</a> (2007). <i>Essentials of Economics</i>. New York: Worth. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0716758792" title="Special:BookSources/0716758792">0716758792</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Aggregate_supply&action=edit&section=7" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Elmer G. Wiens: <a rel="nofollow" class="external text" href="http://www.egwald.ca/macroeconomics/keynesian.php">Classical & Keynesian AD–AS Model</a> – an on-line, interactive model of the Canadian Economy</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output 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href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of Nations recessions"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a class="mw-selflink selflink">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United 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