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Since the beginning of 2020 the world has been experiencing difficult times due the eruption and subsequent effects of a coronavirus called Covid-19. So far it has caused more than 6 million deaths, many more millions active patients and hundreds of millions recovered. More importantly many things in our economic, political, social and academic lives have changed for good. To be fair and balanced, we can talk about both negative and positive effects of Corona. On the one hand, in our so-called “new normal,” government regulations and state interventions became more visible, inflation climbed to record-high levels all over the world, we lost some of our loved ones, and wearing mask became part of our life. On the other hand, sensitivity to hygiene and cleanliness has increased, technological infrastructure and digitalization has been improved tremendously in this process, many educational services started to be offered over the internet, and virtual zoom-meetings became part of our academic life. This article reviews the basic effects of Covid-19 on economic and social life from both perspectives, negative as well as positive.