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Changing the Narrative: Economics After Covid-19

Author

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  • Carolina Alves

    (Joan Robinson Research Fellow in Heterodox Economics, University of Cambridge, cca30@cam.ac.uk)

  • Ingrid Harvold Kvangraven

    (Lecturer in International Development, University of York, ingrid.kvangraven@york.ac.uk)

Abstract

In this article, we argue that societies’ unpreparedness and inadequate responses to the Covid-19 pandemic expose weaknesses in the foundations of the dominant economic paradigm. We document how economics came to disembed itself from broader societal analysis and how this has influenced public policy in problematic ways, leading to privileging of efficiency over resilience. We then go a step further to consider the role of economic evidence in public policy more generally. Furthermore, we demonstrate how heterodox economics can enrich our understandings of our economies’ weaknesses and of how to build a more resilient and just economy. We conclude that we need an explanation of the crisis that is capable of seeing the economy as more than just markets and as embedded in society; one that is capable of linking the causes and consequences of the pandemic to our systems of production and distribution.

Suggested Citation

  • Carolina Alves & Ingrid Harvold Kvangraven, 2020. "Changing the Narrative: Economics After Covid-19," Journal, Review of Agrarian Studies, vol. 10(1), pages 147-163, January-J.
    • Handle: RePEc:fas:journl:v:10:y:2020:i:1:p:147-163
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    Cited by:

    1. Geoff Goodwin, 2022. "Double Movements and Disembedded Economies: A Response to Richard Sandbrook," Development and Change, International Institute of Social Studies, vol. 53(3), pages 676-702, May.
    2. Stephan Lewandowsky & Keri Facer & Ullrich K. H. Ecker, 2021. "Losses, hopes, and expectations for sustainable futures after COVID," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 8(1), pages 1-17, December.
    3. Vyacheslav V. Volchik & Elena V. Fursa & Elena V. Maslyukova, 2021. "Public administration and development of the Russian innovation system," Upravlenets, Ural State University of Economics, vol. 12(5), pages 32-49, November.
    4. Ingrid Harvold Kvangraven & Surbhi Kesar, 2021. "Standing in the Way of Rigor? Economics’ Meeting with the Decolonizing Agenda," Working Papers 2110, New School for Social Research, Department of Economics.
    5. Lukas Baeuerle & Michelle Meixieira Groenewald, 2025. "From monoculture to pluricultures. Recent trends in economics education," ICAE Working Papers 172, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    6. Mohamed Aslam Haneef, 2021. "COVID-19: An Opportunity to Re-Think Islamic Economics كوفيد-19: فرصة لإعادة التفكير في ماهية الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(1), pages 93-102, January.
    7. Goodwin, Geoff, 2022. "Double movements and disembedded economies: a response to Richard Sandbrook," LSE Research Online Documents on Economics 113686, London School of Economics and Political Science, LSE Library.
    8. Alves, C. & Guizzo, D., 2022. "Economic Theory and Policy Today: Lessons from Barbara Wootton and the Creation of the British Welfare State," Cambridge Working Papers in Economics 2246, Faculty of Economics, University of Cambridge.

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