Rethinking Macroeconomic Policies for Development Deepak Nayyar

The global economic crisis has created an opportunity to rethink macroeconomics for development. Rethinking macroeconomic policies requires using fiscal and monetary policies for the pursuit of development objectives and not just for the management of inflation and the elimination of macroeconomic imbalances. In doing so, it is essential to overcome the constraints embedded in orthodox economic thinking and recognise the constraints implicit in the politics of ideology and interests.

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(This article was originally published in the
Brazilian Journal of Political Economy, Vol. 31, No. 3 (123), pp 339-351, July-September/2011.)