In an increasingly digital world in which pedagogical trends are de-emphasizing rote learning and professors are increasingly turning toward active-learning exercises, scholars are fleeing traditional textbooks. Yet for those that still yearn for the safe tether of a synthetic text, as either narrative backbone or occasional reference material, The American Yawp offers a free and online, collaboratively built, open American history textbook designed for college-level history courses. Unchecked by profit motives or business models, and free from for-profit educational organizations, The American Yawp is by scholars, for scholars. All contributors—experienced college-level instructors—volunteer their expertise to help democratize the American past for twenty-first century classrooms.

In this chapter, you will learn about:
Macroeconomic Perspectives on Demand and Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes’ Law and Say’s Law in the AD/AS Model

By the end of this section, you will be able to:

Explain Say’s Law and understand why it primarily applies in the long run
Explain Keynes’ Law and understand why it primarily applies in the short run

By the end of this section, you will be able to:

Explain recessions, depressions, peaks, and troughs
Evaluate the importance of tracking real GDP over time

By the end of this section, you will be able to:

Evaluate how neoclassical economists and Keynesian economists react to recessions
Analyze the interrelationship between the neoclassical and Keynesian economic models

U.S. History is designed for a two-semester American history sequence. It is traditional in coverage, following a roughly chronological outline, and using a balanced approach that includes political, economic, social, and cultural developments. At the same time, the book includes a number of innovative and interactive features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.