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The Oxford Handbook of the South African Economy
While sharing some characteristics with other middle-income countries, South Africa is a country with a unique economic history and distinctive economic features. It is a regional economic powerhouse that plays a significant role, not only in southern Africa and in the continent, but also as a member of BRICS. However, there has been a lack of structural transformation and weak economic growth, and South Africa faces the profound triple challenges of poverty, inequality, and unemployment. Any meaningful debate about economic policies to address these challenges needs to be informed by a deep understanding of historical developments, robust empirical evidence, and rigorous analysis of South A...
The Future of Work in Developing Countries
One of the most pressing issues in development today is the employment challenge in low- and middle-income countries. As more young people enter the labor force—and as structural transformation unfolds amid deindustrialization, technological disruption, and global competition—the question of how to create sufficient decent jobs has become central to the economic future of the Global South. Although this is a shared challenge across developing regions, it is particularly acute in Africa, where rapid demographic change and urbanization are colliding with limited industrial expansion. Bringing together leading international scholars, The Future of Work in Developing Countries examines the e...
Poverty Knowledge in South Africa
Poverty is South Africa's greatest challenge. But what is 'poverty'? How can it be measured? And how can it be reduced if not eliminated? In South Africa, human science knowledge about the cost of living grew out of colonialism, industrialization, apartheid and civil resistance campaigns, which makes this knowledge far from neutral or apolitical. South Africans have used the Poverty Datum Line (PDL), Gini coefficients and other poverty thresholds to petition the state, to chip away at the pillars of white supremacy, and, more recently, to criticize the postapartheid government's failures to deliver on some of its promises. Rather than promoting one particular policy solution, this book argues that poverty knowledge teaches us about the dynamics of historical change, the power of racism in white settler societies, and the role of grassroots protest movements in shaping state policies and scientific categories. Readers will gain new perspectives on today's debates about social welfare, redistribution and human rights, and will ultimately find reasons to rethink conventional approaches to advocacy.
Optimal Policy Projections
"We outline a method to provide advice on optimal monetary policy while taking policymakers' judgment into account. The method constructs Optimal Policy Projections (OPPs) by extracting the judgment terms that allow a model, such as the Federal Reserve Board's FRB/US model, to reproduce a forecast, such as the Greenbook forecast. Given an intertemporal loss function that represents monetary policy objectives, OPPs are the projections - of target variables, instruments, and other variables of interest -that minimize that loss function for given judgment terms. The method is illustrated by revisiting the Greenbook forecasts of February 1997 and November 1999, in each case using the vintage of the FRB/US model that was in place at that time. These two particular forecasts were chosen, in part, because they were at the beginning and the peak, respectively, of the late 1990s boom period. As such, they differ markedly in their implied judgments of the state of the world, and our OPPs illustrate this difference. For a conventional loss function, our OPPs provide significantly better performance than Taylor-rule simulations"--NBER website
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