Publications → Macroeconomic Policy

A framework for a development strategy in a market economy: objectives, scope, institutions and instruments

Defining responsibilities and assigning roles in a partnership between the state and the market economy and other elements of society to promote basic development objectives and specifying how the state discharges its responsibilities within the partnership. A well-functioning economy requires a mix of government and markets. The balance, structure and functioning of that mix is at the heart of a development strategy. The mix is not simply an assigning of certain areas to one or the other domain. The more appropriate analogy is that of a partnership, in which each partner is assigned certain areas of responsibility. The political process makes the assignments, and the task of this book is to provide an analytic basis to help examine how those assignments should be made.