DEVELOPMENT MACROECONOMICS 4E
Pierre-Richard Agénor & Peter J. Montiel
The title of this book suggests that there is something intrinsically different about macroeconomics in developing nations. If the standard textbook treatment of macroeconomics developed for industrial countries were adequate to deal with macroeconomic phenomena in the developing world, there would be little justification for “development” macroeconomics. The title also suggests that macroeconomic phenomena in individual developing countries are sufficiently similar that it is meaningful to speak of a “development macroeconomics” rather than the macroeconomics of, say, Brazil, Cameroon, or Nepal. We are aware that both implications are problematic: many economists would subscribe to the notion that the standard tools and models of macroeconomics can be used in developing nations, and others would argue that Brazil, Cameroon, and Nepal have so little in common that the very notion of a “development” macroeconomics lacks meaning.