The cooling of the MacBook Air is accomplished via an internal fan which draws in and exhausts air in the rear gap area below the hinge. This gap remains unimpeded whether the computer is open or closed. In fact, Apple has specifically designed the notebook to operate in a "normal" open screen configuration, as well as a closed (clamshell) mode. As long as you retain an adequate clearance and allowance for clean cool airflow at the rear of the Air, there is no recognized issue of whether the unit will adequately cool.
This does not preclude that the user can also "enhance" cooling with external conduction cooling devices designed to extract heat from the heat conductive aluminum case But in normal circumstances it is not required, nor even mentioned by Apple that it is necessary to do so. In fact, Apple even sells a stand for operating the MBA in a closed, vertical position for space savings. This does in face preclude use of a cooling pad, and still it is not a problem.
While there may be those who observe that the open case affords more surface area for direct case to atmosphere heat transfer, one must also recognize that this is probably more than offset by the fact that the device does not generate extra heat supporting a operting and lit display when closed.