The productive work of widely distributed academic research has contributed substantially, over the postwar period, to important advances in our understanding. It has also offered a clearer recognition of many unresolved problems. Never theless, the progress achieved over the last decades, ex hibited by the systematic application of "theory" to actual issues and observable problems, could not overcome a per vasive sense of dissatisfaction.

IS-LM is perhaps the prime example of `cognitive dissonance' in economics, and is problematic to many economists. On the one hand, the IS-LM model is still taught by many academic economists or they use it to derive the AD-AS approach. On the other hand, the same economists realize the limitations of the basic IS-LM model and would not now use it for policy analysis, as they did in the past. The distinction between pedagogical and analytical efficacy is made by all the authors in this volume regarding the IS-LM model.

Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism.

To prevent the coronavirus shock to demand precipitating a long-lasting depression, government needs to become short-term payer of last resort.

This essay focuses on the sources of government revenue within the Middle East and North African (MENA) region and proposes the implementation of a regional tax reset through increased taxation and tax reforms, deregulation in the private sector and economic diversification to reduce macroeconomic volatilities caused by the hydrocarbon industry.

Mainstream inflation theories in economics do little to explain the recent acceleration in price increases. The associated economic policy recommendations further increase the misery of low-income groups.

Whether a black swan or a scapegoat, Covid-19 is an extraordinary event. Declared by the WHO as a pandemic, Covid-19 has given birth to the concept of the economic “sudden stop.” We need extraordinary measures to contain it.

Marx’s theory of the falling rate of profit is not only empirically borne out, but the theory he proposed seems to describe accurately how that happens. Furthermore, the whole process is useful for understanding the history of contemporary capitalism.

As the Covid-19 fueled economic downturn begins to intensify this winter, an extended study of the Italian cooperative sector’s historical resilience in times of crisis can serve as a learning experience for other countries seeking to create policies that foster more stable economies, with job security, care for marginalized communities and adequate counter-cyclical policies. Particularly, the Italian cooperative sector’s contributions to three aspects should be noted in closing. Firstly, the innovative phenomenon of cooperative enterprises has contributed to social inclusion of immigrant communities, the activation of youth, the unemployed and people with disabilities, a true compensation for both a market and state failure. Secondly, they have contributed to a reduction in income and wealth inequalities at a time when the issue of inequality is of global significance. Thirdly, the Italian cooperative movement has helped local communities revitalize in the face of demographic shifts and rendered them more resilient to the ravages of globalization. Each of these in their own right is a remarkable achievement.

Adam Smith and Karl Marx recognized that the best way to understand the economy is to study the most advanced practice of production. Today that practice is no longer conventional manufacturing: it is the radically innovative vanguard known as the knowledge economy.

John Maurice Clark’s article “The Changing Basis of Economic Responsibility,“ published in the Journal of Political Economy, is the topical starting point for all scholars interested in economic responsibility and responsible economic action.