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Erschienen in: Journal of Quantitative Economics 1/2018

10.07.2017 | Book Review

Macroeconomics and Markets in Developing and Emerging Economies by Ashima Goyal

New York: Routledge. 2017, pp. i-xix, +1-374

verfasst von: Gourishankar S. Hiremath

Erschienen in: Journal of Quantitative Economics | Ausgabe 1/2018

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Excerpt

The global financial crisis (GFC), a turning point in world history, has led to a kind of crisis in mainstream macroeconomic theory and necessitated a thorough ‘rethinking’ in economics. Mainstream macroeconomics, dominated by neoclassical thinking has come under scathing criticism for its failure to predict the GFC. But mainstream economists held that shortcomings of economic science were not central to the GFC, and very little change is required in economic theory or general policy framework. GFC has exposed the fault lines in these ‘benign’ theories and propositions and led to greater emphasis being laid on empirical facts than on theory. Although the focus on empirics in macroeconomics and finance was evident from papers published in journals, the GFC strengthened the voices that unduly stressed the deductive approach, thus leading to ‘empiricism’. At one time, it seemed like ‘the end of theory’. Mainstream economists’ refusal to admit the evidence contradicting the theory, and on the other side, undue reliance on some evidence by the critiques of theories might result in either a dogmatic view of development problems or a simplistic distillation of stray facts. …

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Literatur
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Zurück zum Zitat Ahluwalia, M.S. 2002. Economic reforms in India since 1991: has gradualism worked? Journal of Economic Perspectives 16: 67–88.CrossRef Ahluwalia, M.S. 2002. Economic reforms in India since 1991: has gradualism worked? Journal of Economic Perspectives 16: 67–88.CrossRef
Zurück zum Zitat Hossain, M.D.A., A. Chowdhury, and A. Hossain. 1999. Open-economy macroeconomics for developing countries. London: Edward Elgar. Hossain, M.D.A., A. Chowdhury, and A. Hossain. 1999. Open-economy macroeconomics for developing countries. London: Edward Elgar.
Zurück zum Zitat Jha, R. 2003. Macroeconomics for developing countries. London: Routledge.CrossRef Jha, R. 2003. Macroeconomics for developing countries. London: Routledge.CrossRef
Zurück zum Zitat Montiel, P.J. 2003. Macroeconomics in emerging markets. New York: Cambridge University Press.CrossRef Montiel, P.J. 2003. Macroeconomics in emerging markets. New York: Cambridge University Press.CrossRef
Zurück zum Zitat Stiglitz, J.E. 2002. Globalization and its discontents. New York: W. W. Norton & Company. Stiglitz, J.E. 2002. Globalization and its discontents. New York: W. W. Norton & Company.
Zurück zum Zitat Terra, C. 2015. Principles of international finance and open economy macroeconomics. Oxford: Academic Press. Terra, C. 2015. Principles of international finance and open economy macroeconomics. Oxford: Academic Press.
Zurück zum Zitat Vegh, C.A. 2013. Open economy macroeconomics in developing countries. Cambridge MA: MIT Press Vegh, C.A. 2013. Open economy macroeconomics in developing countries. Cambridge MA: MIT Press
Zurück zum Zitat Whitehead, A.N. 1925. Science and the Modern World. New York: Free Press. Whitehead, A.N. 1925. Science and the Modern World. New York: Free Press.
Metadaten
Titel
Macroeconomics and Markets in Developing and Emerging Economies by Ashima Goyal
New York: Routledge. 2017, pp. i-xix, +1-374
verfasst von
Gourishankar S. Hiremath
Publikationsdatum
10.07.2017
Verlag
Springer India
Erschienen in
Journal of Quantitative Economics / Ausgabe 1/2018
Print ISSN: 0971-1554
Elektronische ISSN: 2364-1045
DOI
https://doi.org/10.1007/s40953-017-0097-0

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