Finally, Basel II was also seen to be guilty of focusing exclusively on individual financial institutions, ignoring the systemic risk arising from the interconnectedness across institutions which, as we now know with the benefit of hindsight, was the culprit for ferociously spreading the crisis across financial markets. 11. Is all this criticism against Basel II valid? As I said before, only partly valid.
Data science methodology has been adopted actively not only in economics, but also in social sciences in general and in some fields of humanities. Through the sharing of methodologies, interaction of economics with other fields of study is being accelerated. This is not to say that economic theory has become extinct, however.