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Cogs and Monsters : What Economics Is, and What It Should Be

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 if it is to respond effectively to these dizzying changes and help policymakers solve the world's crises.

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.

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.


Author:

  • Diane Coyle

Narrator:

  • Gina Rogers

Format:

  • Audiobook

Duration:

  • 7 h 13 min

Language:

English

Categories:

  • Nonfiction
  • Business
  • Society and Social Sciences
  • Politics

More by Diane Coyle

Skip the list
  1. The Measure of Progress : Counting What Really Matters

    Diane Coyle

    audiobook
  2. GDP : A Brief but Affectionate History - Revised and expanded Edition

    Diane Coyle

    audiobook

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