Cogs and Monsters Quotes

“The circumstances in which markets fail are exactly the circumstances in which governments fail too, because they are exactly the circumstances when private and collective interests diverge the most.”
― Diane Coyle, Cogs and Monsters: What Economics Is, and What It Should Be

“The 'measurable' share of the US economy was down to 30 percent by 1990 Grilliches reckoned; it is 23 percent now. How should we define price, quantity, and quality in these contexts of ever more intangible output, variety explosion, information asymmetry?”
― Diane Coyle, Cogs and Monsters: What Economics Is, and What It Should Be

“It is important to distinguish between markets as a source and description of value, which is what critics like Michael Sandel challenge, and markets as a process for orchestrating economic activity.”
― Diane Coyle, Cogs and Monsters: What Economics Is, and What It Should Be