This paper dwells heavily on my research during the past few years on the macroeconomics of labor markets and poverty reduction in developing countries. I am indebted to various coauthors for some of the results presented in the subsequent pages. However, none of them should be held responsible for the views and opinions expressed in this paper.
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THE MACROECONOMICS OF POVERTY REDUCTION
Article first published online: 6 JUL 2005
DOI: 10.1111/j.1467-9957.2005.00453.x
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How to Cite
AGÉNOR, P.-R. (2005), THE MACROECONOMICS OF POVERTY REDUCTION. The Manchester School, 73: 369–434. doi: 10.1111/j.1467-9957.2005.00453.x
Publication History
- Issue published online: 6 JUL 2005
- Article first published online: 6 JUL 2005
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This paper puts in perspective recent research on the macroeconomics of poverty reduction. It begins by arguing that research on poverty was, and continues to be, distorted by an excessive focus on micro and measurement issues. The debate on ‘pro-poor growth’ is used to illustrate the extent of this bias. Next, it provides a review of the transmission channels of macroeconomic policies to the poor, with particular emphasis on the role of the labor market. It then presents a new class of theoretical and applied macroeconomic models for poverty analysis. It concludes by identifying directions for future research.
No Society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. (Adam Smith, The Wealth of Nations, Book 1, Ch. 8)