The Soulful Science - Mikołaj Florczak

“The Soulful Science: What Economists Really Do and Why IT Matters”’s by Diane Coyle
main goal is to challenge the common stereotype behind economics - the idea of a dry and soulless
discipline, by showing that it really is and should be a human-oriented science. The book isn’t just
about abstract theories and mathematical models, but is rather a space for the author to analyse and
familiarise the reader with many complexities of real-world decision-making and problems of re-
source allocation. In short, it explores many behavioural patterns that drive economic decisions, of-
fering a great insight into human condition and implications of theoretically trivial and uncompli-
cated economic actions.
The book provides a comparahensive dive into the history and evolution of economic
thought, starting with famous economists like Adam Smith, all the way to model theorists such as
John Meynard Kaynes and his successors. By doing that, it showcases the diverse collection of
ideas and theories that have shaped the discipline of economics as we now it today. This historical
background helps the reader understand the foundations of contemporary economic analysis and
how different schools of thought and ideologies have influenced common policies and solutions.
Moreover, it illustrates how economics has evolved to address new challenges and adapt to chang-
ing societies in the modern world, highlighting the dynamic and constantly changing nature of the
science. It underlines the limitations present in traditional economic models and the importance of
acknowledging the unpredictable and not entirely rational nature of human behaviour., while con-
ducting the economic analysis. It argues that models can be useful in simplifying complex real-
world problems, they are at the same time quite abstract and unable to fully reflect how humans
function in the economic systems. The book puts an emphasize on the idea that economic needs to-
tal lessons from psychology, sociology and other sciences to capture a more realistic viewpoint of
what it investigates. This approach recognises the human behaviour as a complex picture of factors
like emotions, culture, social norms and more.
One of the significant takeaways from "The Soulful Science" is its exploration of the ethical
levels of economic decisions. Coyle underlines that economics is not just a study of utility maxi-
mization or profit maximization; it is deeply connected with values and morality. Economic deci-
sions have fundamental consequences for individuals and society as a whole, and they often involve
multiple trade-offs that result in strong ethical considerations. The book encourages economists to
include these ethical questions in their process and acknowledges that economic policy should per-
haps try to align with values and objectives of the society. This ethical perspective recognises that
economic analysis and policy-making should be grounded in an understanding of what is morally
right and just. The book discusses the role of government in economic status quo of the country,
particularly in regulating and stabilizing economies, which becomes particularly relevant in times of
financial crises and economic shocks. It emphasizes the importance of effective governance and
public policy in ensuring economic stability and minimising the harmful consequences of market
failures. Coyle's insights focus also on complex relationship between government and the market,
showcasing how the state can play a crucial role in addressing externalities and intervene maintain-
ing economic order.
"The Soulful Science" acknowledges contemporary economic challenges such as income in-
equality, environmental sustainability, and globalization. These challenges are complex and not so
simple to address, requiring a major economic understanding to be tackled effectively. Coyle argues
that economists must contribute their expertise to help society navigate these issues, recognizing
that economic principles and tools can provide valuable insights and solutions. This aligns with the
book's main theme of the relevance of economics in the modern world, emphasizing its vital role in
addressing societal issues and promoting the well-being of all. In the context of public engagement,
Coyle emphasizes the need for economists to communicate effectively with the public and policy-
makers. The decisions and policies created by economists have an impact on society, and because
of that, economists should actively participate in providing foundations to guide policy making. The
book encourages economists to bridge the gap between their technical expertise and the broader
public, making economic concepts more accessible and promoting informed discussions about eco-
nomic issues - sort of demystifying the field.
Ultimately, "The Soulful Science" underscores that economics isn't just about equations and
mathematical models; it is a discipline rooted in understanding the human experience and improv-
ing the well-being of individuals and communities by addressing the complex challenges of the
modern world. It invites readers to really appreciate the not so simple and humanistic nature of eco-
nomics, challenging existing ideas and highlighting its relevance in addressing the interconnected
issues of the contemporary world.

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“The Soulful Science: What Economists Really Do and Why IT Matters”’s by Diane Coyle

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