Haldane outlines ‘interdisciplinary’ economics model

People against city backdrop
Agent-based models seek to capture the diversity of people in an economy

The Bank of England’s chief economist has joined forces with a specialist in plasma physics to outline a way of opening up the “insular” discipline of economics.

Andy Haldane and Arthur Turrell, a physicist-turned-data scientist at the BoE, present agent-based modelling as an interdisciplinary alternative to the standard models of economics, in a staff working paper published today (November 24).

Economics scores poorly in terms of citing other disciplines, and economists suffer from lower lev

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