Session: Using Machine Learning for the Benefit of the Economy
We have heard and read about all the cool things that machine learning and AI can create and lead to. What we do not hear a lot about is how machine learning applications help policymakers, economists, and central bankers. We don’t talk enough about this possibility because we don’t have good practical examples. Applying machine learning requires strong mathematics and statistical skills, whereas traditionally economists did not need to have these skills. Closest to data scientists are econometricians, but it still does not mean that they use ML and more novel methods for the assessment and prediction of economic variables. This is however changing. Academics are now actively researching how ML can be applied in macro and microeconomics. I am one of these academics and I would like everyone else to know of all the great benefits that machine learning and data science can bring to the world economy.
- Economic Benefits of Tech
- Machine Learning in Economics
Part-time data scientist, part-time data analyst, full time PhD candidate currently leading the data analytics team at one of the biggest retailers of Nordic-Baltics. Passionate about using machine learning to help economists improve their prediction and models, hence benefitting the economy.