Haldane turns to other disciplines to solve big economic questions

Andrew Haldane. Photo: Niccolò Caranti

Economics ought to draw on a wide range of other disciplines as it looks for better ways to model the real world, Bank of England (BoE) chief economist Andrew Haldane said on November 10.

In an expansive speech drawing on the natural sciences and philosophy, Haldane said other disciplines were further advanced than economics in modelling complex systems – one example being the use of agent-based models.

Agent-based models emphasise heterogeneity, in contrast to economics' common reliance on a si