University of Chicago professor, Luohan Academic Committee member, and 2013 Nobel Prize Laureate in Economics, Lars Peter Hansen, highlights the importance of a conceptual framework when interpreting data in a dialogue with Luohan Academy. "Evidence is critical, but we need a more comprehensive lens to translate it into good policies," he remarks. In spite of the availability of new data and data richness, the challenge forward is how to build models tailored to utilize these new datasets, and more fundamentally, to use them sensibly, meaningfully, and insightfully. As societal problems become multi-layered, frameworks bring interdisciplinary models together to identify progress and emerging uncertainties and mobilize further action.
