The Great Recession: Rethinking Macroeconomics for Employment and Development

“The short essays in this collection critically reflect on the state of macroeconomics in the wake of the 2008-2009 North-Atlantic financial crisis. Anis Chowdhury and Iyanatul Islam, who joined the United Nations system with a distinguished academic background, were uniquely placed to synthesize the debate on the relevance of macroeconomic orthodoxy for employment and development goals from both analytical and policy perspectives. They were among the first economists who raised concerns about pre-mature fiscal consolidation, and argued for designing macroeconomic policies that balanced in an appropriate way short-term stabilization with long-term development goals. Academics and policymakers alike will find this collection very useful.”
Jose Antonio Ocampo
Member
Central Bank of Colombia Board and Professor (on leave for public service)
Columbia University
Former Under-Secretary-General
United Nations
Department of Economic and Social Affairs
NY, USA
“The Great Recession was a missed opportunity for reforming both macroeconomic policy and the mainstream discipline of macroeconomics. In this important volume, Chowdhury and Islam show that it’s still not too late to bring back employment and development as central macroeconomic concerns – but this crucially requires reforming theoretical perspectives and changes in the political economy of macroeconomic policy.”
Jayati Ghosh
Professor of Economics
Jawaharlal Nehru University (Centre for Economic Studies and Planning)
New Delhi
Executive Secretary of International Development Economics Associates (Ideas)

The Great Recession: Rethinking Macroeconomics for Employment and Development

Published in Book Reviews, Economics