Macroeconomic Perspective on Development

Abstract

As a multidimensional historical process, the development of a country involves economics, politics, society, technology, environment, and culture. Such a process, if forced for long, would create serious distortions, but also becomes sustainable over timethrough strong internal reinforcing mechanisms. Macroeconomic policies have the role of helping this process with supporting government initiatives and institutional set-up, while involvement of the people is at the core. This resonates to some extent with Gunner Myrdal’s vision of development in his Asian Drama as the merging of many economic, social, and political processes that result in ‘cumulative causation’ to usher in an overall process of development