Ideas, institutional change, crisis and pandemics

Keywords: Pandemic, crisis, ideas, Covid-19


The recent crisis yielded by the Covid-19 pandemic has brought up many immediate concerns, as well as uncertainty regarding the social effects it may have in the future. Will there be institutional change in our societies? In what direction: towards a greater degree of freedom or further advancement of the role of the
State? In this article, we will seek to analyze how this institutional change is devised, focusing our attention
on the role played by the mainstream ideas and values in society, and how they evolve. Particularly, we will
consider the role of ideas using a market as a benchmark, in which we find parties who demand and who
offer, highlighting the role played by entrepreneurs. We will also see what happens when a crisis is triggered,
and to what extent it impacts both the size of the market and the future path that society may follow. It is too
early to say, right now, which way the market of ideas will lean after the pandemic, but we will analyze what
may be the impact of the crisis, of the possible solutions, their results, and their effect on the prevailing ideas.


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Author Biography

Martin Krause, University of Buenos Aires

Professor of Economics, University of Buenos Aires (History of Economic Thought at the School of Economics and Political Economy at the School of Law). Professor at UCEMA (Buenos Aires), OMMA (Madrid). Visiting professor Universidad Francisco Marroquin, Guatemala. Research Scholar at Universidad Empresarial Siglo XXI (Córdoba, Argentina). Adjunt Scholar, Cato Institute, Washington, D.C. PhD Management.


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How to Cite
Krause M. Ideas, institutional change, crisis and pandemics. MisesJournal [Internet]. 2020Jul.28 [cited 2020Aug.6];8. Available from:
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