Objectivity and Impartiality in a Systemic Crisis

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i think we ought to be much more clear in our own minds that there's there are valued judgments involved in what we recommend as well. On the one hand, aspiring towards impartiality and objectivity is obviously the right thing to do. But on just political, on political grounds, i think central bankers may be need to get out more. You know, if you hang around with investment bankers and people from the finance sector, you're blinded to think the consequences of your decisions. And a those folks's a hard job. Don't want, know, don'twant to suggest it was easy, but their whorldview was so narrow because of who they talked to all the time.

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.