The Importance of the Cultural Heritage of the UK

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Economist suggests moving stonehenge to the centre of Britain. He says it would have a better economic value, and more people could see it. But he argues that there are ethical dilemmas when we choose between two options. The political process itself is an example of this kind of choice theory.

Mainstream economics, says author Diane Coyle, keeps treating people like cogs: self-interested, rational agents. But in the digital economy, we're less sophisticated consumer and more monster under the influece of social media. Listen as the economist and former UK Treasury advisor tells EconTalk host Russ Roberts how, for economics to remain relevant, it needs both more diverse methodologies and more engagement with the broader issues of the day.