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The financial crisis in advanced economies and its impact on developing countries has put the longer term agenda of development - structural transformation of countries, of their growth, jobs, poverty and distribution - on the analytic and policy backburner.

Sub-Saharan Africa (SSA) should not be defined by the structural parameters and opportunities of low-income countries, given that it also comprises a number of higher-income countries. This book finds that SSA is tightly constrained in its growth, employment and poverty outcomes. Rather than taking this as a conceptual downside, these constraints to growth and development have to be recognised and overcome—not just by a few countries able to escape them more easily, but by all countries in SSA, such that no country is left behind.

The book observes a weakness in the quantum of...

This book explains the behaviour of output and its growth over time. It does so by deliberating over a choice among three fundamental models—the Samuelson-Swan-Solow neoclassical model, the Harrod-Domar model and the Keynesian model—to choose one fit for purpose. The criteria for goodness of fit are some mathematical properties of growth models. The model chosen for meeting these properties is the Keynesian model, which is a bit better on all these counts. The chosen Keynesian model of aggregate demand has been used to explain the observed behaviour of Pakistan’s long-run growth of...