Haldane wants to turn economic methodology on its head
BoE chief economists want switch from deductive to inductive method
Bank of England (BoE) chief economist Andrew Haldane today issued a call to arms to economics researchers, urging them to pay greater heed to trends hidden in previously untapped seams of ‘big data'.
This is "genuinely a revolution", Haldane told the audience at the BoE's ‘One Bank' research conference today, provoking nervous laughter from the audience when he joked the central bank had already begun mining them for data via sensors attached to their coffee cups.
Haldane warned economists had
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