Structuralist Macroeconomics and the New Developmentalism
By: Bresser-Pereira, Luiz Carlos
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ArticlePublisher: São Paulo : Editora 34, jul./set. 2012Subject(s): MacroeconomiaRevista de Economia Política = Brazilian Journal of Political Economy 32, 3, p. 347-366Abstract: This paper first presents some basic ideas and models of a structuralist development macroeconomics that complements and actualizes the ideas of the structuralist development economics that was dominant between the 1940s and the 1960s. A system of three models focusing on the exchange rate (the tendency to the cyclical overvaluation of the exchange rate, a critique of growth with foreign savings, and new a model of the Dutch disease) shows that it is not just volatile but chronically overvalued, and for that reason it is not just a macroeconomic problem; as a long term disequilibrium, it is in the core of development economics. Second, it summarizes "nem developmentalism" - a sum of growrh policies based on these models and on the experience of fast-growing Asian countries.
This paper first presents some basic ideas and models of a structuralist development macroeconomics that complements and actualizes the ideas of the structuralist development economics that was dominant between the 1940s and the 1960s. A system of three models focusing on the exchange rate (the tendency to the cyclical overvaluation of the exchange rate, a critique of growth with foreign savings, and new a model of the Dutch disease) shows that it is not just volatile but chronically overvalued, and for that reason it is not just a macroeconomic problem; as a long term disequilibrium, it is in the core of development economics. Second, it summarizes "nem developmentalism" - a sum of growrh policies based on these models and on the experience of fast-growing Asian countries.
v. 32, n. 3(128)
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