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Cogs and Monsters: What Economics Is, and What It Should Be Hardcover – October 12, 2021

by Diane Coyle (Author)
4.2 out of 5 stars 60 ratings
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How economics needs to change to keep pace with the twenty-first century and the digital economy

Digital technology, big data, big tech, machine learning, and AI are revolutionizing both the tools of economics and the phenomena it seeks to measure, understand, and shape. In Cogs and Monsters, Diane Coyle explores the enormous problems―but also opportunities―facing economics today and examines what it must do to help policymakers solve the world’s crises, from pandemic recovery and inequality to slow growth and the climate emergency.

Mainstream economics, Coyle says, still assumes people are “cogs”―self-interested, calculating, independent agents interacting in defined contexts. But the digital economy is much more characterized by “monsters”―untethered, snowballing, and socially influenced unknowns. What is worse, by treating people as cogs, economics is creating its own monsters, leaving itself without the tools to understand the new problems it faces. In response, Coyle asks whether economic individualism is still valid in the digital economy, whether we need to measure growth and progress in new ways, and whether economics can ever be objective, since it influences what it analyzes. Just as important, the discipline needs to correct its striking lack of diversity and inclusion if it is to be able to offer new solutions to new problems.

Filled with original insights, Cogs and Monsters offers a road map for how economics can adapt to the rewiring of society, including by digital technologies, and realize its potential to play a hugely positive role in the twenty-first century.

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  1. Print length
    272 pages
  2. Language
    English
  3. Publisher
    Princeton University Press
  4. Publication date
    October 12, 2021
  5. Dimensions
    5.75 x 1 x 8.5 inches
  6. ISBN-10
    0691210594
  7. ISBN-13
    978-0691210599
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Editorial Reviews

Review

"Financial Times Best Economics Book of the Year 2021"

"A CapX Book of the Year"

"Winner of the Gold Medal in Business Commentary, Axiom Business Book Awards"

"Eloquent. . . . Thought-provoking."---Felix Martin, Financial Times ​​​​​​​

"

Coyle’s contribution is valuable. The book reads like a timely intervention delivered by a perceptive friend, in the kindest tone they can muster. Economists would do well to listen.

"---James Plunkett, Prospect

"[Coyle] is extremely wise, and the best friend economics could have―one willing to offer some serious tough love."---Tim Harford, timharford.com

"Full of illuminating anecdotes about the gap between theory and practice."---Simon Torracinta, Boston Review

"

An inspiring read for those developing, using or seeking to understand economics in a rapidly changing world.

"---Dr Anna Valero, London School of Economics Blog

Review

“Diane Coyle is one of the world’s most perceptive thinkers and writers on the role of economics in solving today’s problems. Cogs and Monsters explains, compellingly and lucidly, why economics, while far from perfect, matters more than ever, not just to our economies but to our societies.”―Andy Haldane, Chief Executive of the Royal Society for Arts, Manufactures, and Commerce

“In a profession that is not known for critical self-reflection, Diane Coyle stands out. As she points out in this masterful book, economics’ foes often base their case on strawmen that miss the profession’s true failings. Coyle offers as much a defense of sensible economics as a critique of some of its unproductive habits, and shows the way forward to a useful economics for an increasingly digital economy.”―Dani Rodrik, Harvard University

“Wherever you stand on the policy debate about digital platforms, this book is a great read. It is stronger for being set in the context of the more general questions of ‘What should an economist do?’ and ‘What types of analysis and insights should an economist offer?’ Given the degree of policy interest in the topic of digital technology, and the lack of voice that economists often have in that debate, I found the book both useful and interesting.”―Catherine Tucker, MIT Sloan School of Management

Product details

  • Publisher ‏ : ‎ Princeton University Press
  • Publication date ‏ : ‎ October 12, 2021
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 272 pages
  • ISBN-10 ‏ : ‎ 0691210594
  • ISBN-13 ‏ : ‎ 978-0691210599
  • Item Weight ‏ : ‎ 1.1 pounds
  • Dimensions ‏ : ‎ 5.75 x 1 x 8.5 inches
  • Customer Reviews:
    4.2 out of 5 stars 60 ratings

About the author

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Diane Coyle

Diane Coyle

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I'm the Bennett Professor of Public Policy at the University of Cambridge (https://www.bennettinstitute.cam.ac.uk/), where we do inter-disciplinary research on the key policy challenges of our times. I have had a number of public service roles, including membership of the Natural Capital Committee, the BBC Trust and the Competition Commission. Previously I ran a consultancy, was economics editor of The Independent, and started out my career working in the UK Treasury. Check out my blog, The Enlightened Economist (http://www.enlightenmenteconomics.com/blog), where I write about economics books and post reviews. My core interest is in technology and how it's changing the economy and society - I've been writing about this since 1997, when we all started noticing the Internet. At the moment I'm working on how to measure better the digitally-transformed economy (how should statisticians measure free digital goods like search and social media? how much is data worth?....), and how governments should update policy for the digital era. My work includes looking at competition in digital markets - I was a member of the Furman Review panel on this subject (https://www.gov.uk/government/publications/unlocking-digital-competition-report-of-the-digital-competition-expert-panel). I'm also exploring what it is we mean by progress and how we might measure that instead of GDP.

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4.2 out of 5 stars
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Top reviews from the United States

  • Brian Kahin
    5.0 out of 5 stars Economics in complete context
    Reviewed in the United States on October 27, 2021
    Format: KindleVerified Purchase
    This is an extraordinary book that brings together many issues that are usually addressed in isolation or as particular interdisciplinary problems. It is at once economic history, personal odyssey, and analysis of the limits of economic analysis and thought. It combines a deep understanding of digital economics with the methodological challenges that confront economics as a discipline. Most importantly, it is presented in a straightforward, accessible manner from a broad policy perspective, drawing on Diane Coyle’s background as an accomplished journalist, academic, author, and speaker. The book avoids jargon and technical detail, while it explains the fixation on narrow concepts in the traditional economics curriculum. There are a few references that assume too much (non-convexity, connectionist), but these stand out by virtue of their rarity. (I confess that I am particularly hostile to “spillovers” – which evokes sloppiness and institutional failure.) The book calls for a renewed understanding of economics as political economy – emphasizing the importance of relationships and systemic thinking with due regard for politics and pragmatism, encompassing the pandemic and climate change, as well as the extremes of digital economics (the “monsters” in the title).
    8 people found this helpful
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  • NDH
    2.0 out of 5 stars Lots of questions, not too many answers
    Reviewed in the United States on July 30, 2023
    Format: KindleVerified Purchase
    Review book, that collects together thoughts and opinions of many economists, points out many problems with economics, but doesn’t really lay out any kind of vision for how to solve the questions posed by the radical changes in social and economic systems in the past 50 years.
    One person found this helpful
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Top reviews from other countries

  • Behrouz
    5.0 out of 5 stars Good read
    Reviewed in Canada on December 7, 2021
    Format: HardcoverVerified Purchase
    Great insights for those interested in economics, economic models, and public policy.
    Report
  • Andrew Ross
    5.0 out of 5 stars Very insightful and informative, and extremely well-written.
    Reviewed in the United Kingdom on November 29, 2021
    Format: HardcoverVerified Purchase
    Diane Coyle is always worth reading. In this book she demonstrates how events and technology have taken the economic structure and welfare challenges very far from what is still the mainstream paradigm of atomistic competition, choices made individually with only 'occasional' externalities, and an extremely limited and sometimes downright misleading standard of static efficiency. She notes that although economics has much to offer, with many promising new approaches and initiatives, the discipline and our institutions are not yet up to the challenge of dealing with this new economic structure and our aspirations for it. She deftly combines technical economics with accessibility, so that economists and non-economists will all gain a lot by reading this book. She gives a deeply informed survey of the elements that would have to be assembled for any new paradigm that would be up to the task of incorporating these profound changes and our, often digital, more interconnected welfare connections. It is refreshing to read an author, a well-respected economist not an amateur who snatches at popular misconceptions of economics , who addresses what economics 'should be' with realism, honesty and humility- in contrast to the many rather pretentious critiques of economics written by futurologist would be 'prophets of a new order'. In short, highly recommended.
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  • Mr. Thomas Forth
    5.0 out of 5 stars A robust defence of economics, and a fine argument for the improvements it needs.
    Reviewed in the United Kingdom on March 19, 2022
    Format: HardcoverVerified Purchase
    A fantastic defence of economics against its many unfair criticisms. And a frank assessment of the field's true weaknesses, which receive much less attention.

    I stumbled into economics, unaware of the field when I was at school. This book might have steered me in the direction earlier. But more importantly, for any economist or anyone considering training to become an economist, the book lays out the challenges the field faces today and argues convincingly what it should do to address those challenges.

    There is a great deal to agree with in this book. But also, importantly, enough to disagree with to make it valuable and challenging. Always engaging, accessible, and well-referenced it cannot fail to steer economics in the right direction.
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