Macroeconomic Models and the Challenge of Growth in African Economies: The Context

Abstract

This study addresses the challenges of theorizing the economy of Africa in the context of using macroeconomic models to reshape the future of its non-inclusive growth. It argues that the catastrophic policy summersault of economies that rely on theoretical macro models is traceable to the fact that such models rather than represent the uniqueness of every economy sees all economies as having the same characteristics.  Thus it avers for eclectic African models that can redefine economic theory rather than use economic theory to define the economies of Africa. This calls for portfolio of complementary models through constant refinements rather than portfolio of outcompeting models.

Keywords: Africa, challenge of growth, eclectic model, macroeconomic model