Rethinking Economics in the Light of COVID and Future Crises

How has Economics confronted the profound challenges posed by the COVID pandemic? What will be the impact of the COVID pandemic on Economics and on the relations between Economics and other disciplines? The ISC’s webinar on Rethinking Economics in the Light of COVID and Future Crises explored some of these issues.

Economists have been vigorously debating the appropriate policies to address the COVID crisis. This debate has entailed policy responses to the pandemic which have significant economic impacts such as lockdowns as well as other direct economic interventions such as stimulus packages. While Economics has been successful in producing useful knowledge and research in a very short period of time, the COVID crisis has also revealed the shortcomings of current Economics from a broad social and policy perspective.

COVID is much more than an economic crisis, with deep social and human costs and consequences. In order to understand and address the COVID crisis and any future crises consequent upon COVID-like events, economists will be required to re-draw the disciplinary boundaries that conventionally demarcate the discipline of Economics from other scientific disciplines.

Leading economists Sam Bowles and Wendy Carlin will present on these issues. The presentation will be followed by discussants Danielle Allen, Luc Soete and Jayati Ghosh. The session will be moderated by sociologist, Craig Calhoun.

Chaired by:

Craig Calhoun

Arizona State University

Presentation: Economics and the pandemic – what will we have learned?

Sam Bowles
Santa Fe Institute

Wendy Carlin
University College London

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Danielle Susan Allen
Harvard University

Jayati Ghosh
Jawaharlal Nehru University

Luc Soete
Maastricht University

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Photos: Sam Bowles (Me Judice, CC BY 3.0), Danielle Susan Allen (Harvard University), Luc Soete (EU2017EE Estonian Presidency, CC BY 2.0), Jayati Ghosh (UNCTAD, CC BY-SA 2.0)