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.

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.

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.