1. Cogs and Monsters: What Economics Is, and What It Should Be: by Diane Coyle, Princeton, NJ, Princeton University Press, 2021, vii + 219 pp., $18.95/£14.99 (paper).
- Author
-
Johnson, Laurie M.
- Subjects
SOCIAL scientists ,INFORMATION technology ,GOVERNMENT policy ,ARTIFICIAL intelligence ,DIGITAL technology - Abstract
"Cogs and Monsters: What Economics Is, and What It Should Be" by Diane Coyle is a book that argues for a return to the discipline of political economy in order to yield realistic and useful analyses and recommendations. Coyle criticizes the prevailing standard economic theory, which assumes rational actors with autonomy and fixed needs, as a narrative or ideological story. She highlights the need for economists to acknowledge the realities of an economy that is increasingly complex and difficult to simplify theoretically or quantitatively, particularly in the face of the new digital economy and the rapid development of artificial intelligence. Coyle also addresses the changing dynamics of the economy, such as the growing importance of the service sector and the casualization of the labor market, and the political implications of economists' inability to grasp these changes. The book concludes by emphasizing the need for a modern approach to the public provision and regulation of information goods and the importance of putting the social, rather than the individual, at the heart of the study of economics. [Extracted from the article]
- Published
- 2024
- Full Text
- View/download PDF