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A Search for Synthesis in Economic Theory
First published in 1986. Since the late 1960s the seeming inability of traditional monetary and fiscal policies to combat " stagflation" and address other macroeconomic issues has accelerated the erosion of confidence in the prevailing economic paradigm , the " neoclassical synthesis." * Dissensions among the members of the economics profession on both sides of the Atlantic have grown in number. By the 1970s, a majority of economists had recognized a " crisis" in economic theory. Parallel to this development, a crisis has also emerged in the Marxian camp. This volume is a discussion from the various schools of thought around three of the salient common grounds follows: the theory of a monetary economy, the disequilibrium foundations of a general equilibrium theory, and a rekindled interest in institutional factors.
International Monetary Fund Annual Report 1955
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1955. The report highlights that in the course of 1954 and the first half of 1955, further considerable progress was made in the direction of free and less discriminatory trade. There was a continuation of the movement noted in the previous year, when steps were taken to relax the restrictions previously imposed for balance-of-payments reasons on imports, on currency transfers, and on dealings in foreign exchange.
