Half the people and two-thirds of the countries in the world lack full control over their own economic policy decisions. To a great extent, expatriate "experts" managed by industrial country nationals and based in Washington, DC regulate their macroeconomics, investment projects, and patterns of...

“Meso” level analysis of 16 producing sectors sheds light on broad forces shaping growth of employment and profits. In a growth decomposition from 1990 through 2016, employment responds positively to output increases and negatively to rising productivity. The macro profit share responds...

This chapter presents a discussion on the long-run income distribution and growth. Development economics began macro. If the whole economy changes structure during the course of development, then to understand the process one has to look at the economy as a whole. Increasing poverty and...

This paper takes up a question frequently raised but rarely addressed empirically - do macroeconomic policy changes and exogenous macro shocks have significant impacts on poverty and income inequality more generally? For 15 countries in Latin America and the Caribbean over the past two decades,...

The exchange rate affects the economy through many channels and, consequently, has diverse macroeconomic and development impacts. Five are analysed in this paper: resource allocation, economic development, finance, external balance and inflation. The use of the exchange rate as a developmental...

pt. 1. Socio-economic ideology and methodology -- pt. 2. Neoclassical economics : dispersed and decentralized exchange -- pt. 3. Classical political economy : growth and distribution -- pt. 4. Complexity : barriers and bounds to rationality.

Arguments regarding trade and other forms of liberalization in developing countries are reviewed. Microeconomically, the standard case for liberalization is dubious under increasing returns to scale and when firms can invest directly in productivity enhancement. Distributional effects of...

Policies seeking to directly help the poor have an important role to play. But without sustained growth in per capita output and significant job creation, they will not succeed. Policies promoting growth have been suggested, most notably by avoiding pro-cyclical responses to macroeconomic shocks...