[영문]Conservative macroeconomic policy, as currently understood and practised in many developing countries, is preoccupied with stability at the expense of growth and with fiscal and inflation targets at the expense of employment. This article argues that the empirical foundation of macroeconomic conservatism is fragile and there is a case for developing a viable alternative to current orthodoxy. Such an alternative is consistent with the substance and spirit of the ILO?s Decent Work Agenda that emphasizes employment creation, comprehensive social protection, and the strengthening of labour market institutions through social dialogue and protection of labour rights.