Haldane studies finance through lens of ‘complexity theory’
BoE chief economist views finance as a layered ‘system of systems’
Bank of England chief economist Andrew Haldane today stressed the benefits of using "complexity theory" to understand the global financial system, highlighting the risks of an inadequate understanding of the way finance works.
In a speech, On microscopes and telescopes, delivered at the Lorentz Centre in Leiden, Haldane said modern economic and financial systems are perhaps best characterised as a complex and adaptive "system of systems", with important layers of complexity at the micro, macro
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