“The pandemic has revealed the poverty of our economic theory. Rupture with the old paradigm is the only route to recovery.”
I wrote an article on how COVID-19 exposes weaknesses in the dominant Economics narrative, and how heterodox economics offer important alternatives, with Carolina Alves for the Review of Agrarian Studies. Here’s the 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.
Read the full paper.
I wrote a post for openDemocracy laying out how a dependency theory research programme can help us understand the global impacts of COVID-19. Check it out.