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The Great Pause Was an Economic Revolution

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The Great Pause Was an Economic Revolution


Governments stopped the world in its tracks during the pandemic — and our relationship to the economy will never be the same again.



Editorial Rating

9

Qualities

  • Innovative
  • Eye Opening
  • Bold

Recommendation

The coronavirus pandemic has forced consumers and corporations alike to reconsider how the world economy works. Political scientist Bruno Macaes cogently argues that COVID-19 has revealed that the economy, long viewed as an autonomous entity impervious to external control, is more akin to a dynamic computer program, one that coders can continuously edit to achieve socioeconomic objectives. His thoughtful commentary offers a fresh perspective on post-pandemic economics.

Take-Aways

  • The COVID-19 recession is unique in its origins and its consequences.
  • Economists used to think of the economy as an autonomous living being. 
  • In light of the pandemic, some observers now view the global economy as a programmable construct.
     

About the Author

Bruno Maçães is a senior nonresident fellow at the Hudson Institute. He was the Portuguese Europe Minister from 2013 to 2015.


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