Bank of England Chief Economist on the Real Economy
I find it reassuring that we have an intellectual heavyweight as Chief Economist of the Bank of England. Andy Haldane gave a talk last month to the Keynes Society that was easily one of the best I have heard in the last ten years.
Haldane understands that Economic forecasting and policy-making has to respond to a non-linear world in which external shocks are more frequent, complexity and interconnectedness is the norm and the behaviour of consumers and businesses does not follow textbook patterns. "Are they hiring staff? Are they pouring concrete? Are they buying that machine?" - these are important questions relating to the real world and not some dusty office in Threadneedle Street.
Read The Observer (19/10/2014): Bank of England's chief economist struggles with stance on Britain's prospects: http://www.theguardian.com/business/2014/oct/19/an...