Kano, Kano State of Nigeria (PRWEB) October 28, 2005
Saidu Sulaiman, a lecturer of Economics at Kano State College of Education, Kano, Nigeria, in his book entitled The Making of Economics: An Introduction to the History of Economic Thought published in 2005, and in a write-up captioned Globalization and National Development: the Need for the Adoption of Globoeconomics, declares the Keynesian economics less relevant as globalization takes hold of national economies. The book has just been made available Lulu (http://www.lulu.com), the world fastest-growing provider of print-on-demand books.
John Maynard Keynes (1883 1946), the author of the General Theory of Employment, Interest and Money (1936) laid the down the foundation of what is called macroeconomics and the Keynesian school of economic thought. With the ever increasing manifestations of globalization in the economies of nations and of its influences on the various aspects of the economies, macroeconomic analysis is becoming increasingly irrelevant. Economies of individual nations are now being absorbed into the global economy or simply disappearing. Put in another way, national economies are loosing their distinctive qualities.
The global economy today is characterized by complex interactions between national economies and the global economy, and complex combinations of national economies with regional economies, transnational economic actors and international institutions. The economy of Germany, for instance, interacts and is acted upon by the European economy, which is a regional economy and by the global economy and the international economic institutions such as the World Bank and the International Monetary Fund (I.M.F.). Macroeconomic policy in Germany could be less effective and meaningful without the consideration of the influences of the European economy and the global economy.
With the ever increasing influences of globalization on the economies of nations, macroeconomic variables such as inflation rate, interest rate, level of unemployment, growth rate, etc, in one nation can have influence or be influenced by similar variables in other nations. It is therefore na