The Evolution of Macroeconomic Management

As there are a variety of approaches to the concept of macroeconomic management, the task of defining the concept is perhaps as difficult for us as explaining the concept of an ‘elephant’ was for the seven blind men in the story in the Buddhist literature.2 While some theorists see macroeconomic management as very similar to macroeconomic policy, the policy makers generally consider it to be a mechanism for handling an economic crisis, and the experts in international institutions visualise it as a system of macroeconomic financial control and regulation.