Friday, June 7, 2019

Why Economics Must Go Digital — Diane Coyle

Another argument for paradigm shift away from the neoclassical model in economics. It no longer fits the facts (if it ever did). The "free market" that neoclassical economics assumes, the atomism of methodological individualism, and other such assumptions based on "simplifying," are myths concocted partly for methodological convenience ("mathematical tractability") and partly owing to ideology (cognitive bias). Theoretically, this would just be a curiosity of history, like the "ether" and "philostigon" of physics if economics were not crucial to policy formulation and adoption.

The Enlightened Economist
Why Economics Must Go Digital
Diane Coyle | freelance economist and a former advisor to the UK Treasury. She is a member of the UK Competition Commission and is acting Chairman of the BBC Trust, the governing body of the British Broadcasting Corporation

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