Cogs and Monsters

Więcej o książce

Diane Coyle examines how economics must evolve to address the challenges and opportunities presented by the digital economy and technological advancements such as AI and big data. She highlights the significant issues that mainstream economics faces, particularly its outdated view of individuals as "cogs"—self-interested agents operating in predictable contexts. This perspective fails to account for the complexities of the digital landscape, where "monsters"—unpredictable, socially influenced phenomena—dominate. By clinging to the traditional model, economics risks creating its own challenges, lacking the necessary tools to tackle contemporary problems like pandemic recovery, inequality, slow growth, and climate change. Coyle questions the relevance of economic individualism in today's context, the need for new metrics of growth and progress, and the objectivity of economics itself, given its influence on analysis. She emphasizes the urgent need for greater diversity and inclusion within the discipline to foster innovative solutions. Filled with fresh insights, the work provides a roadmap for how economics can adapt to societal changes driven by digital technologies and fulfill its potential to contribute positively in the twenty-first century.