If there is one number to which the rights of millions will be happily sacrificed, it is the national GDP growth rate.

When you are in a hole, the top priority is to stop digging.

Economists did something even better than predict the crisis. We correctly predicted that we would not be able to predict it.

The rich have markets, the poor have bureaucrats.

We need a revolution in development thinking and practice. Foreign aid, debt relief, family planning, democracy, education, and free markets have not succeeded.

To escape the cycle of tragedy, we (searchers) have to be tough on the ideas of the planners, even while we salute their goodwill.

Peter Montiel has long set the highest standard for lucid textbooks on the macroeconomics of developing countries. Now in this new edition of his superb classic Macroeconomics in Emerging Markets, he has surpassed even himself. He uniquely fills the gap between rich-country-obsessed macro- and micro-obsessed developing-country analysis. No student of the macroeconomics of development will henceforward be able to do without this book.