Haldane hopeful for ‘rebirth’ of economics

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Andrew Haldane. Photo: Niccolo Caranti

"There could come a rebirth of economics," said Bank of England chief economist Andrew Haldane today (January 5), referring to the soul searching that the profession has gone through since the 2008 crisis.

Haldane described it as a "fair cop" that economics has been found wanting in recent years, although not all pre-crisis models were worthless. Rather, there had been a "methodological monoculture", leading to fragility of the theoretical framework, he told an audience at the Institute for Gove