Ane answer is there's social pressure not to adjust prices in the time of a crisis. But i don't think wehave, we have a terrible understanding of this. It seems kind of important a human well being and tout derstand wha's gone on. I donknow. It's a mystery to me. And the inability of prices to adjust has been nothing like it in my lifetime. The role of finance in the previous crisis which i think is how you got into that sagua a. A when one a have observed that i think we'll stick is a broader public questioning about what the point of all these policies will be.
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.