One of those different lenses comes from mapping the economy bottom-up, rather than top-down, aggregating microscopic experiences into a macroscopic view. In medicine, we use a variety of different tools, at different resolutions, to diagnose problems and when prescribing solutions: thermometers, blood pressure monitors, X-rays, CT scans, ultrasound and blood tests. Rarely does one of these measures provide all of the diagnostic answers. Using them in combination can, however, help reach robust clinical conclusions. And that “micro-to-macro” approach is commonplace when understanding other complex adaptive systems like the body, natural, physical and social. 3  Rajan (2019). Coyle (2014). For example, Helliwell, Layard and Sachs (2019), Ngamaba (2017) and Commission on the Measurement of Economic Performance and Social Progress. 4 5  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Like our bodies, the economy is also a complex, adaptive system. As in medicine, it can be measured using different tools at different resolutions. There are various metrics of societal health, in addition to GDP. For example, there has been increasing interest recently in measures of physical and mental health.6 A number of statistical agencies, including in the UK, now gather direct and indirect metrics of people’s well-being. Here we map a selection of those alternative metrics, based around health, wealth and happiness. A different sort of lens comes from viewing these metrics at different spatial resolutions – regional, local authority, postcode even. This allows a “micro-to-macro” jigsaw of the economy to be pieced together, as with other complex systems.

And richer people are less likely to move larger distances than poorer ones (Chart 22). 32  All speeches are available online at www.bankofengland.co.uk/speeches  32  Chart 20: Distribution of house moves by distance in different regions (mortgage-to-mortgage movers in 2018, moving to South-East England and Scotland)  Sources: Product Sales Database and Bank calculations. Chart 21: Distribution of house moves by distance for different ages (mortgage-to-mortgage movers in 2018, upper and lower age quartiles)  Sources: Product Sales Database and Bank calculations. 33  All speeches are available online at www.bankofengland.co.uk/speeches  33  Chart 23: Distribution of house moves by distance for different (mortgage-and-mortgage moves in 2018, upper and lower income quartiles)  income  groups  Sources: Product Sales Database and Bank calculations. Take Yorkshire and Humberside. A third of all moves are within-region. East, West, Home’s Best. Some do move to the West (around 15%) and some to the East (7%). Although some head South-East for life in the slow lane (7%), a larger number move North to Scotland (around 10%). This only covers moves among those with a mortgage, so will not capture first-time buyers, students, renters or those retiring without a mortgage. It nonetheless offers a new lens on the housing market, locally and nationally. It is not difficult to see how these micro-level flow data could be augmented. Data from payments systems can, and are, being used to track flows of money.