The Future of Economics May Be in the Hands of Machine Learning

Economists have largely preferred to act within their own field and interpretations. However, the rise of big data challenges, data analytics, and machine learning is beginning to change all that. In the summer of 2015, Susan Athey, a Professor of Economics of Technology at Stanford attracted a crowd of over 250 economists for a one-day instructive session on machine learning. In the article publinshed on recounting the event, Athey stated that she thinks machine learning will have an “enormous impact” on the field of economics especially as economists learn to tailor their methodologies to include machine learning. Why Economists Need Machine Learning Historically, the discipline of economics has always been categorized among the social sciences, which means the word ‘science’ should be understood as somewhat loosely applied. Unlike the…

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