J.R.R. Tolkien (1925): Light as Leaf on Linden Tree: For the Weekend

I am not sure whether what is needed is for economics to "go digital" as for economics to finally recognize what John Maynard Keynes called "the end of laissez-faire". But since he wrote about the end of laissez-faire 94 years ago, I am not holding my breath for a better economics:

Diane Coyle: Why Economics Must Go Digital: "Drug discovery is an information industry, and information is a non-rival public good which the private sector, not surprisingly, is under-supplying.... Yet the idea of nationalizing part of the pharmaceutical industry is outlandish from the perspective of the prevailing economic-policy paradigm.... Should data collection by digital firms be further regulated?.... The standard economic framework of individual choices made independently of one another, with no externalities, and monetary exchange for the transfer of private property, offers no help...

...Economic researchers are not blameless when it comes to inadequate policy decisions. We teach economics to people who go out into the world of policy and business, and our research shapes the broader intellectual climate. The onus now is on academics to establish a benchmark approach to the digital economy, and to create a set of applied methods and tools that legislators, competition authorities, and other regulators can use. Mainstream economics has largely failed to keep up with the rapid pace of digital transformation, and it is struggling to find practical ways to address the growing power of dominant tech companies. If the discipline wants to remain relevant, then it must rethink some of its basic assumptions....


#noted

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