7 July
The Covid-19 pandemic has exposed the already deepening crises facing the world.
Traditional economic theories did not provide the solutions needed to address these problems as it is limited to cost-benefit analysis and mathematical models.
Post Covid-19, economists should focus on precautionary action that can help the world cope with unforeseen disasters.
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Richard Murphy, professor of international political economy at the University of London, shared an article on how orthodox economics is proving ineffective during the current Covid-19 pandemic.
The article notes that the world was already facing a number of crises before the pandemic including climate change, inequality and robots replacing humans.
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Conventional economic theories have not been helpful in addressing these problems as solutions were often disregarded as being unaffordable and counter-productive.
The article notes that the traditional cost-benefit way of decision making should be avoided and a bottom-up approach to economics must be adopted.
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