Diane Coyle on Cogs, Monsters, and Better Economics
Mainstream economics, says author Diane Coyle, keeps treating people like cogs: self-interested, rational agents. But in the digital economy, we're less sophisticated consumer and more monster under the influece of social media. Listen as the economist and former UK Treasury advisor tells EconTalk host Russ Roberts how, for economics to remain relevant, it needs both more diverse methodologies and more engagement with the broader issues of the day.
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Mainstream economics, says author Diane Coyle, keeps treating people like cogs: self-interested, rational agents. But in the digital economy, we're less sophisticated consumer and more monster under the influece of social media. Listen as the economist and former UK Treasury advisor tells EconTalk host Russ Roberts how, for economics to remain relevant, it needs both more diverse methodologies and more engagement with the broader issues of the day.
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