This chapter presents a discussion on the long-run income distribution and growth. Development economics began macro. If the whole economy changes structure during the course of development, then to understand the process one has to look at the economy as a whole. Increasing poverty and...

The paper introduces a 2x2 taxonomy of exchange rate regimes in terms of convertibility restrictions (yes or no) and the form of price determination (floating versus managed exchange rates). It is argued that the convertibility is an important signal to private agents. Free convertibility in...