Macro Economics Major Publications

Abstract: There is a long history of governments with activist policy agendas, and they have had no shortage of economists to offer them advice. But the economic approaches Keynes developed or amplified, inspired by a respect he and many other economists held for the Soviet and German planning systems, provided a major boost to legitimising government economic policy activism. As well as a belief in a greater role for planning, Keynesianism also reflected a popular belief that free enterprise entailed considerable waste and that the Great Depression was evidence that it could become chronically unstable.

The Chinese economic miracle is the latest and most comprehensive success story since the end of World War II. Veteran economists Ronald Coase and Ning Wang explain how in the space of three decades one of the world's poorest countries became the world's leading manufacturer and investor. They attempt to disentangle the twists and turns of Chinese politics and economics in its voyage to success within a framework which rightly judges that no system other than capitalism (which the book calls the market economy), could ever produce such an outcome.