How economics needs to change to keep pace with the twenty-first
century and the digital economy Digital technology, big data, big
tech, machine learning, and AI are revolutionizing both the tools
of economics and the phenomena it seeks to measure, understand, and
shape. In Cogs and Monsters, Diane Coyle explores the enormous
problems-but also opportunities-facing economics today and examines
what it must do to help policymakers solve the world's crises, from
pandemic recovery and inequality to slow growth and the climate
emergency. Mainstream economics, Coyle says, still assumes people
are "cogs"-self-interested, calculating, independent agents
interacting in defined contexts. But the digital economy is much
more characterized by "monsters"-untethered, snowballing, and
socially influenced unknowns. What is worse, by treating people as
cogs, economics is creating its own monsters, leaving itself
without the tools to understand the new problems it faces. In
response, Coyle asks whether economic individualism is still valid
in the digital economy, whether we need to measure growth and
progress in new ways, and whether economics can ever be objective,
since it influences what it analyzes. Just as important, the
discipline needs to correct its striking lack of diversity and
inclusion if it is to be able to offer new solutions to new
problems. Filled with original insights, Cogs and Monsters offers a
road map for how economics can adapt to the rewiring of society,
including by digital technologies, and realize its potential to
play a hugely positive role in the twenty-first century.
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