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approaches to macroeconomics, however,including various forms of Keynesian andstructuralist macroeconomics. These alternativesemphasize that markets do not always functionwell; unregulated markets can result in financialcrises, too little employment, an inadequatesupply of public goods and services andenvironmental deterioration; distribution matters;and inequality affects economic stability andperformance. They call for action by governmentsto regulate markets and to improve economicoutcomes through employment and social policies.Feminist macroeconomists have enriched anddeveloped these alternative frameworks witha deeper understanding of the distributiveoutcomes of macroeconomic choices and byincorporating a consideration of unpaid labour,showing that these are critical to understandinghow economies function. 64 In addition, a humanrights-based approach to economics provides aclear framework for assessing macroeconomicpolicy choices, drawing on key treaties andbodies in the international human rights systemthat are relevant to the achievement of women’seconomic and social rights, particularly theInternational Covenant on Economic, Social andCultural Rights (ICESCR) and the Convention onthe Elimination of All Forms of Discriminationagainst Women (CEDAW). 65 Applying theirprinciples to the conduct of macroeconomicpolicy has potentially transformativeimplications. Specifically, a human rightsframework for macroeconomic policy:• Provides alternatives to GDP growth and lowinflation as the primary goals of economicpolicies• Provides a set of ethical principles forformulating and evaluating economicpolicies that are derived from internationalagreements• Clarifies the duties and obligations of Statesand links to a set of national and internationalprocedures to hold States to account• Incorporates a democratic and participatoryapproach to economic governance as, fromthe perspective of human rights, the process ofmacroeconomic policy-making is important aswell as its outcomes.The human rights framework has importantimplications for fiscal policy, monetary policy,policies to enhance macroeconomic stability,investments in human beings and the processwhereby macroeconomic policy choices are made.Box 4.3 summarizes the human rights principlesand obligations, introduced in Chapter 1 (Box 1.3),relevant to developing an alternative, rightsbasedapproach to macroeconomics.BOX 4.3Key principles for a human rights-based macroeconomic policyA number of human rights principles and obligations are particularly relevant for assessing andevaluating macroeconomic policy from a human rights perspective.Non-discrimination and equality: For rights-based macroeconomic policies, this means thatconsideration of distributive outcomes is essential. Macroeconomic policies need to be evaluated interms of biased or unequal outcomes with regard to the enjoyment of rights. This is an immediateobligation of governments.