ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Relevant Macroeconomics

Relevant Macroeconomics Vinod Vyasulu Macroeconomics for Developing Countries by Raghabendra Jha; Routledge, London and New York. 1994, IT is one of those ironies of life that this book came along just when I had retired from the teaching world. Macroeconomics is the one branch of economic theory that appears to have immediate policy relevance: and teach- ing the subject can be a challenge, especially to good students.1 In recent decades, most books on macroeconomics have presented either simple-minded Keynesian prescriptions or simple-minded Chicago ones. This book also has the Keynesian touch, but not in any rigid way, as it consciously tries to go well beyond that limited perspective. I would therefore have loved to teach a course with it as the basic text for it enables one to discuss issues of importance to developing countries without sacrificing rigour, and without asking the student to wait till she has learned the tools of the trade before addressing questions that are of interest to her. TilI then she has to study utterly unrealistic models! What Jha has provided is a textbook that combines the rigour of neoclassical textbooks with an openness of mind that is quite uncommon in that school: the line between rigour and rigor mortis is clear and distinct. Compare this book with other standard texts, such as Branson. The latter would appear to subscribe to the view that there is such a thing as Economic Theory, which is both Objective and True, and go on to present one version of it. Anything else in this universe is not Science. In contrast. Raghabendra Jha acknowledges that there may be many points of view, not all of which agree with one another. And so far as the student is concerned, he tries to present different viewpoints, highlighting their strengths and weaknesses. He gives the student the opportunity to make up his or her own mind in this matter: the book itself deliberately takes an agnostic position. For a textbook, this is a welcome feature.

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