Rethinking Economics in the Light of Covid and Future Crises The International Science Council (ISC) webinar
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.
About
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 presented these issues in a recent webinar hosted by the The International Science Council (ISC). The presentation was followed by discussants Danielle Allen, Luc Soete and Jayati Ghosh. The session was moderated by sociologist, Craig Calhoun.
