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Summary of Diane Coyle's Cogs and Monsters
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Get the Summary of Diane Coyle's Cogs and Monsters in 20 minutes. Please note: This is a summary & not the original book.Original book introduction: 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.
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Summary of Diane Coyle's Cogs and Monsters - IRB Media
Insights on Diane Coyle's Cogs and Monsters
Contents
Insights from Chapter 1
Insights from Chapter 2
Insights from Chapter 3
Insights from Chapter 4
Insights from Chapter 5
Insights from Chapter 6
Insights from Chapter 7
Insights from Chapter 1
#1
The author was a young economist in the UK in the 1980s, and she experienced how economics was being taught at the time. She then went on to work for the UK Treasury, and experienced how economics was being taught there as well.
#2
The Great Recession of 2008 was not due to a lack of knowledge in economics, but rather due to the flawed economic theories that were put into practice.
#3
In recent years, there has been a shift in public opinion against capitalism and free markets. This stems from the instability and destruction caused by these economic systems, according to many writers.
#4
Economics, the study of how people and societies operate, has played a significant role in shaping the economy it studies. And because many models assume that people have rational expectations about the economy, these models have the ability to create self-fulfilling prophecies.
#5
Theorists have posited that the way economists think about the economy can actually
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