skip to content

Faculty of Economics

Journal Cover

Alves, C. and Kvangraven, I. H.

Changing the Narrative: Economics After Covid-19

Review of Agrarian Studies

Vol. 10(1) (2020)

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.

Keywords: Mainstream economics, heterodox economics, Covid-19, evidence-based policy

Author links: Carolina Alves  

Publisher's Link: http://ras.org.in/changing_the_narrative


Papers and Publications



Recent Publications


Galeotti, A., Golub, B. and Goyal, S. Targeting Interventions in Networks Econometrica [2020]

Carvalho, V. M. and Grassi, B. Large Firm Dynamics and the Business Cycle American Economic Review [2019]

Bergin, P. R. and Corsetti, G. Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage American Economic Journal: Macroeconomics [2020]

Acconcia, A., Corsetti, G. and Simonelli, S. Liquidity and Consumption: Evidence from Three Post-earthquake Reconstruction Programs in Italy American Economic Journal: Macroeconomics [2020]