What Have We Learned From the Pandamic?

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Economists have incorporated the finance sector in economic models used for forecasting to a much greater extent than before. I am not at all sure that we understand the extent to which risks are being diversified or concentrated, and the the channels of connections in a way that actually we don't know. Also, the supply side networks. A, we've seen that with the emergency of worries about supply chain bottle nects just recently,. i don't think we have the data or a good way of understandinga, what thatp for collectivg outcomes, for aggregate outcomes in the economy.

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.