IDEAS home Printed from https://ideas.repec.org/p/ilo/ilowps/994562813402676.html
   My bibliography  Save this paper

The crisis of orthodox macroeconomic policy : the case for a renewed commitment to full employment

Author

Listed:
  • Muqtada, M.

Abstract

Critically reviews the macroeconomic experiences of the past three decades to argue the case against orthodox macroeconomics. Suggests that the prevailing orthodoxy in macroeconomics needs to give way to an alternative policy paradigm in which the Copenhagen commitment on full employment, subsequently incorporated as a Millennium Development Goal, plays a central role. The global recession of 2008-2009 reinforces the potency of this proposition.

Suggested Citation

  • Muqtada, M., 2010. "The crisis of orthodox macroeconomic policy : the case for a renewed commitment to full employment," ILO Working Papers 994562813402676, International Labour Organization.
    • Handle: RePEc:ilo:ilowps:994562813402676
    as

    Download full text from publisher

    File URL: http://www.ilo.org/public/libdoc/ilo/2010/110B09_66_engl.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gerald Epstein, 2003. "Alternatives to Inflation Targeting Monetary Policy for Stable and Egalitarian Growth: A Brief Research Summary," Working Papers wp62, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    3. Alvaro Angeriz & Philip Arestis, 2008. "Assessing inflation targeting through intervention analysis," Oxford Economic Papers, Oxford University Press, vol. 60(2), pages 293-317, April.
    4. Degol Hailu, 2009. "Is the Washington Consensus Dead?," One Pager 82, International Policy Centre for Inclusive Growth.
    5. Mr. Eliot Kalter & Mr. Steven T Phillips & Mr. Manmohan Singh & Mr. Mauricio Villafuerte & Mr. Rodolfo Luzio & Marco A Espinosa-Vega, 2004. "Chile: Institutions and Policies Underpinning Stability and Growth," IMF Occasional Papers 2004/008, International Monetary Fund.
    6. World Bank, 2005. "Economic Growth in the 1990s : Learning from a Decade of Reform," World Bank Publications - Books, The World Bank Group, number 7370.
    7. -, 2001. "Social dimensions of macroeconomic policy: report of the Executive Committee on Economic and Social Affairs of the United Nations," Series Históricas 7786, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    9. Easterly, William, 2001. "The Lost Decades: Developing Countries' Stagnation in Spite of Policy Reform 1980-1998," Journal of Economic Growth, Springer, vol. 6(2), pages 135-157, June.
    10. Ndikumana, Leonce & Verick, Sher, 2008. "The Linkages between FDI and Domestic Investment: Unravelling the Developmental Impact of Foreign Investment in Sub-Saharan Africa," IZA Discussion Papers 3296, Institute of Labor Economics (IZA).
    11. James Tobin, 1996. "Full Employment and Growth," Books, Edward Elgar Publishing, number 800.
    12. repec:bla:devpol:v:26:y:2008:i:6:p:713-726 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kanyenze, Godfrey. & Lapeyre, Frédéric,, 2012. "Growth, employment and decent work in Namibia : a situation analysis," ILO Working Papers 994686623402676, International Labour Organization.
    2. Muqtada, Muhammed., 2015. "Challenges of price stability, growth and employment in Bangladesh : role of the Bangladesh Bank," ILO Working Papers 994873053402676, International Labour Organization.
    3. repec:ilo:ilowps:488128 is not listed on IDEAS
    4. repec:ilo:ilowps:487305 is not listed on IDEAS
    5. repec:ilo:ilowps:468662 is not listed on IDEAS
    6. John Komlos, 2016. "Unemployment in a Just Economy," CESifo Working Paper Series 5974, CESifo.
    7. Epstein, Gerald., 2015. "Development central banking : a review of issues and experiences," ILO Working Papers 994881283402676, International Labour Organization.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:ilo:ilowps:456281 is not listed on IDEAS
    2. Ahmed Taneem Muzaffar & Anis Chowdhury, 2014. "The IMF and the policy of low inflation: A review of Article IV consultations for selected Asian developing countries," The Economic and Labour Relations Review, , vol. 25(3), pages 435-454, September.
    3. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    4. Dosi, Giovanni & Fagiolo, Giorgio & Napoletano, Mauro & Roventini, Andrea & Treibich, Tania, 2015. "Fiscal and monetary policies in complex evolving economies," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 166-189.
    5. repec:ilo:ilowps:486556 is not listed on IDEAS
    6. Giovanni Dosi & Mauro Napoletano & Andrea Roventini & Tania Treibich, 2016. "The Short- and Long-Run Damages of Fiscal Austerity: Keynes beyond Schumpeter," International Economic Association Series, in: Joseph E. Stiglitz & Martin Guzman (ed.), Contemporary Issues in Macroeconomics, chapter 8, pages 79-100, Palgrave Macmillan.
    7. Afonso, António & Jalles, João Tovar, 2013. "Growth and productivity: The role of government debt," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 384-407.
    8. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p6go0e900 is not listed on IDEAS
    9. Justin Yifu Lin, 2013. "From Flying Geese to Leading Dragons: New Opportunities and Strategies for Structural Transformation in Developing Countries," International Economic Association Series, in: Joseph E. Stiglitz & Justin Lin Yifu & Ebrahim Patel (ed.), The Industrial Policy Revolution II, chapter 1, pages 50-70, Palgrave Macmillan.
    10. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p6go0e900 is not listed on IDEAS
    11. repec:pcp:pucrev:y:2020:i:81:p:47-64 is not listed on IDEAS
    12. repec:spo:wpmain:info:hdl:2441/5bli88krr28f68nvhfe1qtsl9l is not listed on IDEAS
    13. Chatani, Kazutoshi. & Pedro, Oluwaseun Olufemi., 2014. "The role of central banks in meeting the development and employment challenges : the case of Mozambique," ILO Working Papers 994865563402676, International Labour Organization.
    14. Ghassan Dibeh, 2014. "The Political Economy of Monetary Policy in Resource-Rich Arab Economies," Working Papers 896, Economic Research Forum, revised Dec 2014.
    15. Justin Lin & David Rosenblatt, 2012. "Shifting patterns of economic growth and rethinking development," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 15(3), pages 171-194.
    16. repec:hal:wpspec:info:hdl:2441/f6h8764enu2lskk9p6go0e900 is not listed on IDEAS
    17. Anis Chowdhury, 2021. "The United Nations and Seven Decades of Development," Development, Palgrave Macmillan;Society for International Deveopment, vol. 64(1), pages 129-148, June.
    18. Abdallah, Ali, 2022. "Dépréciation réelle de la monnaie et croissance économique [Can real currency depreciation lead growth?]," MPRA Paper 113183, University Library of Munich, Germany.
    19. repec:hal:spmain:info:hdl:2441/5bli88krr28f68nvhfe1qtsl9l is not listed on IDEAS
    20. Wang, Yong, 2015. "A model of sequential reforms and economic convergence: The case of China," China Economic Review, Elsevier, vol. 32(C), pages 1-26.
    21. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    22. William Easterly, 2009. "Can the West Save Africa?," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 373-447, June.
    23. Fofack, Hippolyte, 2009. "Determinants of globalization and growth prospects for Sub-Saharan African countries," Policy Research Working Paper Series 5019, The World Bank.
    24. Arana, Rumile & Ramirez, Francisco A. & Wright, Allan, 2017. "Credit Risks and Monetary Policy within Caribbean Economies," IDB Publications (Working Papers) 8268, Inter-American Development Bank.
    25. Salvador Pérez-Moreno, 2016. "Revisiting Growth-Poverty Relationship: A Medium-Term Causality Approach," South African Journal of Economics, Economic Society of South Africa, vol. 84(4), pages 624-635, December.
    26. repec:spo:wpmain:info:hdl:2441/f6h8764enu2lskk9p6go0e900 is not listed on IDEAS
    27. Juan José Echavarría & Andrés González, 2012. "Choques internacionales reales y financieros y su impacto sobre la economía colombiana," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 14-66, December.
    28. Leonardo Villar-Gómez & Javier Gómez & Andrés Murcia Pabón & Wilmar Cabrera & Hernando Vargas, 2023. "The monetary and macroprudential policy framework in Colombia in the last 30 years: lessons learnt and challenges for the future," BIS Papers chapters, in: Bank for International Settlements (ed.), Central banking in the Americas: Lessons from two decades, volume 127, pages 87-112, Bank for International Settlements.
    29. Valentina Aprigliano & Danilo Liberati, 2021. "Using Credit Variables to Date Business Cycle and to Estimate the Probabilities of Recession in Real Time," Manchester School, University of Manchester, vol. 89(S1), pages 76-96, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ilo:ilowps:994562813402676. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vesa Sivunen (email available below). General contact details of provider: https://edirc.repec.org/data/ilounch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.