Cogs and Monsters

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The digital economy, driven by technology, big data, and AI, is transforming both the tools of economics and the phenomena it seeks to analyze. Diane Coyle addresses the significant challenges and opportunities facing economics today, emphasizing its role in helping policymakers tackle global crises such as pandemic recovery, inequality, slow growth, and climate change. She critiques mainstream economics for viewing individuals as "cogs"—self-interested agents in structured environments—while the digital landscape is more accurately described by "monsters"—unpredictable, socially influenced entities. This outdated perspective limits economics' ability to address contemporary issues. Coyle questions the validity of economic individualism in the digital age, the need for new metrics of growth and progress, and the objectivity of economics, given its influence on analysis. Additionally, she highlights the urgent need for greater diversity and inclusion within the discipline to foster innovative solutions. With original insights, the work outlines a roadmap for economics to adapt to societal changes and harness its potential for positive impact in the twenty-first century.