Mapping the economy: A survey of economic data and a vision of the future

This presentation provides a visionary blueprint for a paradigm shift in economic data collection and utilisation, arguing that the development of a fine-grained, global "map" of economic activity is both a necessary and feasible foundation for the next generation of economics. We contend that the prevailing data infrastructure, rooted in 20th-century national accounting, is fundamentally inadequate for addressing contemporary challenges—from financial systemic risk and climate change to inequality and political polarisation.

The paper introduces the "ReFS" framework, integrating data on the Real economy, the Financial system, and the Social sphere, to enable high-fidelity, large-scale economic modelling, such as agent-based models simulating individual households and firms. We survey the historical and current state of data collection across these three spheres and find three key features: a) Data collection has always been political, b) Access to it has always been institutionally guarded and lastly, c) Current technological innovation allows us to overcome those barriers in exciting ways.

This event is part of the Politics of Proof in the Digital Age research group, a research group of Gloknos Center for Global Knowledge Studies: all are welcome to join!

Contact: m.a.campbell-verduyn rug.nl