2020•International Journal of Pluralism and Economics EducationRequires access

Should democracy be part of the definition of economics COVID policies in a broader context

Peter Söderbaum

Open publisher page 0 citations

Abstract

In economics, 'values are always with us'. In our studies, we make a number of choices and the choices we make tell us something about our values. Economics is always 'political economics'. The attempt by neoclassical economists to offer a purely scientific economics has failed. Instead, we need to take democracy and pluralism seriously and discuss how a different conceptual framework can strengthen rather than weaken democracy in our societies. Neoclassical economics and 'sustainability economics' are presented as two different ideological orientations in the form of 'narratives'. As economists, we make a choice between narratives (with their respective conceptual framework) and our values are revealed when choosing one narrative rather than the other. Democracy is threatened in some countries and even in nations belonging to the European Union. It is time for us as economists to discuss how democracy can be integrated into economics with its conceptual framework. Health issues, such as COVID-19 are part of the 17 Sustainable Development Goals sanctioned by the United Nations. In this article, a holistic or broad perspective of economics is encouraged. Health issues have features in common with environmental and natural resource issues, for example.

About this research paper

What this paper is about

In economics, 'values are always with us'. In our studies, we make a number of choices and the choices we make tell us something about our values. Economics is always 'political economics'. The attempt by neoclassical economists to offer a purely scientific economics has failed. Instead, we need to take democracy and pluralism seriously and discuss how a different conceptual framework can strengthen rather than weaken democracy in our societies. Neoclassical economics and 'sustainability economics' are presented as two different ideological orientations in the form of 'narratives'. As economists, we make a choice between narratives (with their respective conceptual framework) and our values are revealed when choosing one narrative rather than the other. Democracy is threatened in some countries and even in nations belonging to the European Union. It is time for us as economists to discuss how democracy can be integrated into economics with its conceptual framework. Health issues, such as COVID-19 are part of the 17 Sustainable Development Goals sanctioned by the United Nations. In this article, a holistic or broad perspective of economics is encouraged. Health issues have features in common with environmental and natural resource issues, for example.

Why it matters

A significance statement is not available in the OpenAlex record.

Key contribution

A contribution statement is not available in the OpenAlex record.

Method / approach

Method details are not available in the OpenAlex metadata.

Main findings

Findings are not separately available in the OpenAlex metadata.

Limitations

Limitations are not available in the OpenAlex metadata.

Applications

Application details are not available in the OpenAlex metadata.

Available abstract

In economics, 'values are always with us'. In our studies, we make a number of choices and the choices we make tell us something about our values. Economics is always 'political economics'. The attempt by neoclassical economists to offer a purely scientific economics has failed. Instead, we need to take democracy and pluralism seriously and discuss how a different conceptual framework can strengthen rather than weaken democracy in our societies. Neoclassical economics and 'sustainability economics' are presented as two different ideological orientations in the form of 'narratives'. As economists, we make a choice between narratives (with their respective conceptual framework) and our values are revealed when choosing one narrative rather than the other. Democracy is threatened in some countries and even in nations belonging to the European Union. It is time for us as economists to discuss how democracy can be integrated into economics with its conceptual framework. Health issues, such as COVID-19 are part of the 17 Sustainable Development Goals sanctioned by the United Nations. In this article, a holistic or broad perspective of economics is encouraged. Health issues have features in common with environmental and natural resource issues, for example.

Key concepts: Pluralism (philosophy), Heterodox economics, Democracy, Positive economics, Economics, Schools of economic thought, Narrative, Mainstream economics

Related papers

Back to paper searchBrowse research topicsOriginal source
Should democracy be part of the definition of economics COVID policies in a broader context — Research Paper | ScholarLens