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Big data and complexity: Is macroeconomics heading toward a new paradigm?

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  • Paola D’Orazio

Abstract

The paper discusses the extent to which the availability of unprecedentedly rich data-sets and the need for new approaches – both epistemological and computational – is an emerging issue for Macroeconomics. By adopting an evolutionary approach, we describe the paradigm shifts experienced in the macroeconomic research field and emphasize that the types of data the macroeconomist has to deal with play an important role in the evolutionary process of the development of the discipline. After introducing the current debate over Big Data in social sciences, the paper presents a detailed discussion of possible and existing interactions between Big Data and Computational Behavioral Macroeconomics. We argue that Big Data applied to economic questions can lead to new styles of thinking and research methods, namely to the development of a new research paradigm.

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  • Paola D’Orazio, 2017. "Big data and complexity: Is macroeconomics heading toward a new paradigm?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 24(4), pages 410-429, October.
    • Handle: RePEc:taf:jecmet:v:24:y:2017:i:4:p:410-429
    DOI: 10.1080/1350178X.2017.1362151
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