The Great Recession: Rethinking Macroeconomics for Employment and Development
- ISBN-10
- 1536136565
- ISBN-13
- 9781536136562
- Series
- The Great Recession
- Category
- Economic development
- Language
- English
- Published
- 2018
- Publisher
- Nova Science Publishers
- Authors
- Iyanatul Islam, Anis Chowdhury
Description
The chapters in this volume were written as commentaries between mid-2008 and early-2016 in the wake of the Great Recession of 2008-2009. The primary topics around which the various essays are compiled are: (a) crisis and response, (b) fiscal policy, (c) monetary and capital account policy, (d) employment, and (e) development. The chapters not only provide a critique of mainstream macroeconomics, but also suggest a way forward. This volume contains an extensive introduction to synthesise the debate on macroeconomic orthodoxy and to assess the attempts at its reconstruction in light of its dismal failure in predicting the crisis and responding to it. As a background, it briefly traces the retreat of post-Great Depression Keynesian macroeconomics (with it, full employment as the primary policy goal) and the rise of new orthodoxy (concerned with a single target, inflation) that came to dominate major international financial institutions, notably the International Monetary Fund and the World Bank. It also highlights contrasting analyses of the global macroeconomic issues by the Bretton Woods Institutions (BWIs) vis-á-vis the United Nations, and their contributions to macroeconomics-development discourse. Two main conclusions about the various attempts at reconstructing macroeconomics are that they: (1) suffer from an advanced country bias, and (2) do not pay sufficient attention to employment even in developed countries. The benign neglect of developing countries in reconstructing macroeconomics is not at all surprising, as both post-Great Depression macroeconomics and its orthodox replacement evolved without paying due regard to the particular circumstances and problems of developing countries. The neglect of employment in rethinking macroeconomics shows how deeply orthodoxy still remains embedded in the major institutions, as well as among professional economists and policymakers. There is no sign of any significant shift even when a good deal of research within the BWIs themselves report findings that are contrary to conventional wisdom. Thus, unfortunately, whatever is likely to emerge as post-Great Recession macroeconomics does not seem very encouraging for employment and development. The essays compiled in this volume suggest how macroeconomics can serve the dual objectives of short-term stabilisation and long-term inclusive sustainable development goals with decent and productive employment featuring prominently for both developed and developing countries.
Get the book
Other editions
-
- 2014-10-30
- 400 pages
- Paperback
- Cambridge University Press
-
- 2012-04-16
- - pages
- Ebook
- Cambridge University Press
Similar books
-
Economic Development
By Jan S. HogendornSee Richard N. Cooper , “ Resource Needs Revisited , ” Brookings Papers on Economic Activity , Washington , D.C. , 1975 , pp . 238–245 . Cooper notes that the technical and managerial changes were often a response to higher prices and ...
-
Managing without Growth, Second Edition: Slower by Design, not Disaster
By Peter A. Victor6.2.3 Nuclear Wastes 'Our children will enjoy in their homes electrical energy too cheap to meter', said Lewis L. Strauss, chairman of the US Atomic Energy Commission in a speech to the National Association of Science Writers on 16 ...
-
Global Institutions, Marginalization, and Development
By Craig Murphy... Brazil (UNGA 1946: 89) (including a speech by later UNCTAD official and member of the innovative Pearson Commission, Roberto de Oliveira Campos [UNGA 1948: 168-169]), India (UNGA 1947: 46), and Lebanon, by George Hakim proposing the ...
-
Tourism Development and the Environment: Beyond Sustainability?
By Richard SharpleyHarlow: Pearson Education Ltd. Hall, C.M. (2005) Tourism: Rethinking the Social Science of Mobility. Harlow: Pearson Education Hall, ... Harlow: Prentice Hall Hall, C.M. and Higham, J. (2005) Tourism, Recreation and Climate Change.
-
Peddlers and Princes: Social Change and Economic Modernization in Two Indonesian Towns
By Clifford GEERTZ3 K. Polanyi, C. M. Arensberg and H. W. Pearson, Trade and Markets in the Early Empires (Glencoe, 111.: Free Press, 1957). Only a minority of Balinese hamlets are thus specialized, of Economic Development in Tabanan , 89.
-
Working Women Into the Borderlands
By Sonia HernándezIn Working Women into the Borderlands, author Sonia Hernández sheds light on how women's labor was shaped by US capital in the northeast region of Mexico and how women's labor activism simultaneously shaped the nature of foreign investment ...
-
Explorations in Environmental and Natural Resource Economics: Essays in Honor of Gardner M. Brown, Jr
By R. Halvorsen, Gardner Mallard Brown, David LaytonThis volume contains an excellent set of papers by top scholars in environmental and resource economics. These papers span the wide range of topics that characterized the extraordinarily broad and productive career of Gardner Brown.
-
Economics and the Environment
By Eban S. Goodstein, Stephen Polasky... Martin, 418 Baker, Dean, 361 Balint, Peter, 393 Balmford, Andrew, 186,403 Banesh, Melanie, 244 Barnes, Peter, 13, ... 357–358 Chester, Mikhail, 360 Choate, A. L., 335 Choi Granade, Hannah, 344 CIEL, 407 Ciriacy-Wantrup, S. V., ...
-
City in Transition
By Frank AkpadockJournal oftheAmerican PlanningAssociation, 56: 3-8., Hoover, E. M. 1971. An Introduction to Regional Economics. New York: Alfred A. Knopf., Hoover, E.M. and Giarratani, F. 1984. An Introduction to Regional Economics, 3rd Edition.
-
Geography: People and Environments
By Stuart Currie, Jeff BattersbyThis text studies patterns of work across the world and considers the main economic development themes, by examining the issues affecting people living in different economic environments.