Even those from several engineering streams, including civil and chemical, often have very little exposure to programming, at least in India. “I have met many talented data scientists who have trained in Economics, Mathematics, Statistics, Commerce, etc., with no background in programming. However, being fluent in programming languages such as Python, MATLAB and R can help economists to crack the data science code. Most economists deal in statistical computing programs like Stata that work well with data science. But how much value does an economist bring to data science and consequently can economists make good data scientists? We find out. It’s now clear that economics and data science make good bedfellows. Even during the ‘coding’ sessions, students get to learn how to ‘analyse and derive insights’ from the data, rather than how to ‘optimise the code’ efficiently vis a vis engineering schools,” said Shirish Gupta, lead data scientist at Novartis.
Important concepts such as Correlation, Hypothesis Testing, Econometrics (application of statistical methods to economic data), Linear Algebra, form the basis of data science projects. From the very start, economics students are taught how to deal with data through different subjects such as economics, statistics and mathematics. “I believe economists have the right basics to excel in data science.
An economist was critical in deploying the machine learning model for this project effectively, the team said.
Amazon’s Core AI team believes the model can be upgraded to predict inflation. Last year, e-commerce giant Amazon started working on a model, combining AI and econometrics, to predict price fluctuations.
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