At the next Perspectives on Science seminar on Monday 11.10., Diane Coyle (University of Cambridge) will give a talk on her upcoming book “Cogs and Monsters: What Economics Is, and What It Should Be”. The seminar takes place in Zoom from 14:15 to 15:45.
Perspectives on Science is a weekly research seminar which brings together experts from science studies and philosophy of science. It is organized by TINT – Centre for Philosophy of Social Science at the University of Helsinki. More information about the seminar here.
To join the seminar, please sign up here.
Abstract:
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, from pandemic recovery and inequality to slow growth and the climate emergency.
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.
Author bio:
Professor Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge. Diane co-directs the Bennett Institute where she heads research under the themes of progress and productivity. Her new book ‘Cogs and Monsters’ looks at how economics needs to change, while her previous book, ‘Markets, State and People – Economics for Public Policy’ examines how societies reach decisions about the use and allocation of economic resources.
Diane is also a Director of the Productivity Institute, a Fellow of the Office for National Statistics, an expert adviser to the National Infrastructure Commission, and Senior Independent Member of the ESRC Council. She has served in public service roles including as Vice Chair of the BBC Trust, member of the Competition Commission, of the Migration Advisory Committee and of the Natural Capital Committee. Diane was Professor of Economics at the University of Manchester until March 2018 and was awarded a CBE for her contribution to the public understanding of economics in the 2018 New Year Honours.
Her books include GDP: A Brief but Affectionate History, The Economics of Enough, The Soulful Science, and The Weightless World. Her recent papers have been published by Science, Review of International Political Economy, Nature, Antitrust Law Journal, and Regional Studies.