Development and macroeconomics: Reflections from the Mexican case

The purpose of this article is to draw attention to fundamental elements in the structure of an economy that need to be considered in the design of a macroeconomic policy for development. It draws on contributions from the neo-structuralist approach, particularly its emphasis on the importance of productive heterogeneity as a determinant of economic growth patterns. Also considered are some criticisms of conventional macroeconomic policy from different perspectives prompted by the international financial crisis which broke out in 2008 and 2009. The macroeconomic policy applied in Mexico during the last 30 years and its relationship to the performance of the country’s economy have been considered for illustration purposes.

Related Subject(s): Economic and Social Development