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Review on the influence of machine learning methods and data science on the economics
- 1 Rensselaer Polytechnic Institute
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Abstract
In this era of extraordinary accessibility to information, business faces both unprecedented obstacles and opportunities. Constantly accumulating data encompasses everything from consumer behavior to market trends. However, the question of how to extract useful information from this enormous quantity of data and apply it to economic decision-making becomes crucial. Complex non-linear relationships and high-dimensional data frequently render conventional statistical methods and economic models ineffective. Integration of data science and machine learning techniques has enabled economists to extract valuable insights from large-scale and complex economic data. By examining the role of data science and machine learning in economics and tracing its historical development from the refinement of statistics to the era of big data with advanced computational power, this paper will discuss the significance of data-driven decision making and forecasting in the economy with specific algorithm in supervised and unsupervised learning and focus on future challenges and developments.
Keywords
economics, data science, supervised learning, unsupervised learning
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Cite this article
Liu,Z. (2023). Review on the influence of machine learning methods and data science on the economics. Applied and Computational Engineering,22,137-141.
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Volume title: Proceedings of the 5th International Conference on Computing and Data Science
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