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The interplay of macro- and microeconomics

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The interplay of macro- and microeconomics

Author: Rosenthal, Gert Physical Description: páginas. 7-10 Date: August 1996 ECLAC symbol: LC/G.1931-P


The statement starts with a balance of the 15-years period of the economic reforms occurred in the region, up to the Mexican financial crisis in 1995. The main lesson to be drawn from this period refers to the need of supplementing and reinforcing macro-economic policy, together with the application of public policy measures at the micro-, meso-, and institutional levels, in order to support productive modernization, the development of financial and labour markets and the establishment or strengthening of institutions which can help to create an environment conducive to development.
Further on, the statement explains the strategies proposed by ECLAC for overcoming the obstacles to accelerated growth within a framework of stability, social equity and democracy. These refer to expanding gross domestic product, increasing productivity and providing more and better jobs. In order to achieve this goal it is necessary to ensure macroeconomic equilibria in its broader sense, raise the level of national saving and channel it into productive investment, as well as an accelerated and systematic incorporation of production and management techniques designed to raise productivity in a growing number of firms.
In the last part, the statement refers to the situation of the United Nations and honors the memory of Dr. Raúl Prebisch, on the tenth anniversary of his death.