Macroeconomic Policy Lessons from Africa

Anselm London

Chapter 13 in Can South and Southern Africa become Globally Competitive Economies?, 1996, pp 148-158 from Palgrave Macmillan

Abstract: Abstract The early tradition in economics made little distinction between economic growth and economic development. Accordingly, a country’s advancement was, as a matter of practice, almost invariably measured by the level of real per capita income, and it was only subsequently that clear distinctions began to be made between growth and development. Indeed, it was Seers (1972) who stressed that among the key questions to be asked about a country’s development should be: what has been happening to poverty, unemployment and inequality? Indeed, he went on to caution that if one or two of these central problems grew worse, and especially if all three did, it would be strange to call the result ‘development’ even if real per capita income had soared. In today’s circumstances, Seers would probably have added at least three other questions to his list, namely, what has been happening to the environment, to sex equality and to human freedom?

Keywords: Exchange Rate; Interest Rate; Capita Income; Real Exchange Rate; Macroeconomic Policy (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-24972-5_14

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DOI: 10.1007/978-1-349-24972-5_14

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