Beyond Macroeconomic Stability ― Structural Transformation and Inclusive Development

This volume rests on three thematic pillars: the limits of conventional macroeconomics; the long-run agenda of structural transformation and the development of capabilities. Islam and Kucera highlight the tenuous links of conventional macroeconomics with core development concerns. The chapters of this book enunciate an empirical approach to track the various sources of structural transformation and nurture the thesis that investment in infrastructure leads to the inculcation of capabilities, broadly defined to include knowledge accumulation, dissemination and application.

The editors reinterpret social protection from the perspective of inclusive development and structural transformation. The volume examines secular trends in the functional distribution of income and explores their possible macroeconomic consequences by developing a two-country macroeconomic model for open economies. It seeks to establish whether growing inequality in many countries combined with stagnant real incomes is one of the sources of the global and financial crisis of 2007-2009.

Iyanatul Islam is currently Chief of the Country Employment Policy Unit at the International Labour Office, Geneva. He holds a PhD degree from the University of Cambridge, UK. He is the co-author of more than 100 publications consisting of refereed journal articles, books and edited volumes, book chapters, working papers, and policy reports. He is one of the founding editors of the Journal of Asia-Pacific Economy.
David Kucera received a PhD in Economics from the New School for Social Research and has worked as a research economist at the International Labour Office since 2000. He is the author of Gender, Growth and Trade: The Miracle Economies of the Postwar Years and is an Associate Editor of Feminist Economics.