I don't think we have the tools and economics for addressing that as well as we think we do. And i think nomists have zero ability to think about those things. Neesimno, sure, ti's a better discipline than economics to think about it, but i don't think economics has much to say about that. We should limit our confidence in our pronouncements because of that reality.
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.