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Macroeconomics and Human Development

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  • Deepak Nayyar

Abstract

This article analyses the interactions between macroeconomics, in terms of objectives and policies, and human development, which is about the well-being of people. Each can, and often does, exercise a significant influence on the other. Macroeconomics matters for human development because it determines the level of employment, the degree of social protection and the public provision of services such as healthcare or education. Human development has implications and consequences for macroeconomics, for it can mobilize or claim resources to enlarge or diminish space for macroeconomic policies. The relationship exists, and matters, not only in poor countries but also in rich countries. Employment, even if neglected, provides the critical link. The paper shows that the causation runs in both directions and could be either positive or negative. It also reveals similarities and differences between developing countries and industrialized countries. The political context is significant, everywhere, as interests, ideology and institutions influence economic policies in both spheres to shape outcomes.

Suggested Citation

  • Deepak Nayyar, 2012. "Macroeconomics and Human Development," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 13(1), pages 7-30, February.
    • Handle: RePEc:taf:jhudca:v:13:y:2012:i:1:p:7-30
    DOI: 10.1080/19452829.2011.643121
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    References listed on IDEAS

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    1. Frances Stewart, 1985. "Planning to Meet Basic Needs," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17731-8.
    2. Stiglitz, Joseph & Ocampo, Jose Antonio & Spiegel, Shari & Ffrench-Davis, Ricardo & Nayyar, Deepak, 2006. "Stability with Growth: Macroeconomics, Liberalization and Development," OUP Catalogue, Oxford University Press, number 9780199288144.
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    Cited by:

    1. Leanne Roncolato & Nicholas Reksten & Caren Grown, 2017. "Engendering Growth Diagnostics: Examining Constraints to Private Investment and Entrepreneurship," Development Policy Review, Overseas Development Institute, vol. 35(2), pages 263-287, January.
    2. Deepak NAYYAR, 2014. "Why employment matters: Reviving growth and reducing inequality," International Labour Review, International Labour Organization, vol. 153(3), pages 351-364, September.

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