The Covid-19 pandemic as a potential change agent for selected economic concepts
Objective: The objective of the article is to refer to the thesis about the need to modify the main paradigm of economic sciences – by which we mean mainstream economics – with all its consequences that influence the whole economic sciences. We posit the need for the modification of how economic sciences are practiced in ontological, epistemological, and methodological aspects. The need results from the impact of several factors that appeared even in the pre-pandemic period, for which Covid-19 may be a complementary and reinforcing circumstance that may even directly determine the change.
Research Design & Methods: The main method we used was that of critical literature analysis. We constructed a set of normative recommendations for changes in economic sciences. Next, we selected four issues to exemplify the areas that require change, for which we proposed a set of postulates that constitute the desired modifications in economic sciences.
Findings: The conducted literature review shows that the number of people convinced of the need to modify the assumptions and content of economic sciences grows systematically. Sometimes, there even appears a more elaborate demand for the revision of economic sciences, not only of their modification.
Implications & Recommendations: Firstly, the most important consequence of the study is the justification of the postulate of departing from the dominance of the main paradigm of economic sciences contained in mainstream economics towards noticing the multi-paradigm character of economic sciences, and secondly, the support of the position leaning towards the active and normative involvement of economic sciences in creating/correcting the surrounding reality.
Contribution & Value Added: The text is a synthesis of the postulates previously reported in the literature regarding the modification of economic sciences with the consequences caused by the Covid-19 pandemic. Chronologically, the Covid-19 pandemic is the last of the causative factors of the revision under consideration – neither the only nor the most important factor – but what draws attention are its direct nature, violence, and the surprise associated with its appearance.
Covid-19 pandemic; methodology of economics; paradigm; change agent; economic theory; homo economicus
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