Are you just a cog in the larger economy? What? Wrong With being a cog? After all, the Cogs are independent decision makers, and isn’t that the proper focus of economic analysis? Even though being a cog isn’t so bad, what monsters do you see in the digital economy? And what kind of economic policy should be in place to deal with them? These issues concern Diane Coyle, and in her new book, Cogs and MonstersAlso the subject of this episode.
In this conversation, you will agree with Coyle and Econtac host Ras Roberts, but also find some important ও and subtle পার differences. So let’s hear what You Use the prompts below to start a conversation We know these are particularly big questions… so pick and choose as you see fit. We want to see your thoughts in the comments!
1- What is the nature of criticism of Koel’s economy at present? How is Roberts’ criticism different from his? Which do you think is more appropriate and why? How should we teach our students and think about the economy going forward?
2- Coyle claims that his central question in the book is, “Is this a good policy?” What is it? I mean A policy to make things better? How objective can a policy be? What should be the role of economists in advising policy makers?
3- What were the failures of the economic profession regarding the financial crisis of 2008? Should we have seen it coming? What about Brexit? Covid post-supply chain disruption?
4- Coyle argues that policy makers are needed Something Sorting structures to help them make decisions. While Roberts and Coyle may disagree on the margins, it may help us to answer the question of what such a structure might look like and whether Stonehenge should be relocated to the Birmingham Exhibition Center or the Churchill War Rooms should be converted at an affordable price. Housing?
5- Another big question that pushes this conversation is, what is progress? How do Coyle and Roberts answer each other? Why does Coyle believe that the digital economy makes it so difficult to evaluate, and how accurate do you think it is about the historical significance of the moment?