The Post-Covid-19 Reality and Economic Theory

Zoran Trputec; Nataša Šantić

doi:10.32015/JIBM.2020.12.2.1.1-12

Prof. Dr. Zoran Trputec, Professor Emeritus University of Modern Sciences-CKM, Zalik b.b., 88000 Mostar, Bosnia and Herzegovina
Assist. Prof. Dr. Nataša Šantić University of Modern Sciences-CKM, Zalik b.b., 88000 Mostar, Bosnia and Herzegovina

DOI: https://doi.org/10.32015/JIBM.2020.12.2.1.1-12

Keywords: sustainable development, paradigm, Covid-19, business as usual, nested subsystems, neoclassical economics

Abstract

This paper examines interconnectedness between Covid-19 and six nested subsystems of our planet: people, economy, society, anthroposphere, biosphere and planetosphere. It argues the complexity inside of them and in their interactions. The main question is what paradigmatic shift related to sustainable development economics did Covid-19 initiate, and what are the changes in paradigmatic manifestations of a post Covid-19 sustainable economic theory. Through comparison between neoclassical economics together with neoclassical paradigm manifestations, and what should be changed to avoid business as usual and enhance environmental economy, the paper concludes that much of everyday economic intellectual constructs and activities, including dominant economic theory is the part of the present reality that is not sustainable and has to be changed.

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