Introducing the Key Questions

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis and Deepak Nayyar

in Stability with Growth

Published in print August 2006 | ISBN: 9780199288144
Published online September 2006 | e-ISBN: 9780191603884 | DOI:

Series: Initiative for Policy Dialogue Series

 Introducing the Key Questions

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This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.

Keywords: capital market liberalization; institutions; structural reforms; International Monetary Fund; trade-offs; policy; risk

Chapter.  2843 words. 

Subjects: Economic Development and Growth

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