Haldane envisages ‘iterative’ approach to advancing economics
Andrew Haldane has outlined a vision for the future of economics in which both inductive and deductive methods come together in a process of “iterative learning”.
The Bank of England chief economist said many of the fragilities of earlier economic models could have been avoided if both empirical, inductive methods and theory-based, deductive methods worked together.
Macroeconomists have tended to favour the latter, notably in the dynamic stochastic general equilibrium (DSGE) models widely used
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