Nalm Asia 2013: Central banks should to look to ‘complexity science' to model economic systems

stormy-weather

Public sector economists should embrace approaches used to model complex systems such as weather patterns, traffic flows and earthquakes, rather than deploy general equilibrium models when attempting to predict the future, according to a senior economist at the Thai debt office.

The assumptions used to underpin many models used by central bankers when trying to predict economic conditions in the future are flawed, Thitithep Sitthiyot, senior economist at the Government Agency Debt Management

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