We are excluding some insight into economic behavior if we don't think more about the way people interact influence each other. Andi be curious to hear your reaction to it. We're going to talk about, what's progress? What do we really deeply care about? It seems to me a lot of things that i get satisfaction from are not simple things like potatoes and shirts in a night at the opera,. But those kind of goods that we think of that go into one's utility function.
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.