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Professor James Mirrlees, University of Cambridge: What’s in a mathematical model?

The inaugural conference of the Institute for New Economic Thinking (INET) brought policy makers, chief theorists, Nobel Prize winners in their profession and historians of economic thought to one place to learn from one another.

Nobel Prize winner Sir James Mirrlees, Emeritus Professor of Political Economy at the University of Cambridge and the Chinese University of Hong Kong, says we should keep faith with modelling systems, but warns better regulation is needed.