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Data Science in Economics and Business: Roots and Applications
Abstract
Economics and business are a great background for data science provided econometricians and data scientists are sets with an intersection, although remaining unknown. In econometrics, data mining is somewhat a monstrous word, a field that traditionally seeks causal inference and results in interpretability. When we go deeper into what data science usually is, the boundaries between more traditional econometrics and even statistics and the hip and cool machine learning become shorter. In economics and business, we find examples and applications of simple and advanced data science techniques. This chapter intends to provide state-of-the-art data science applications in economics and business. The review and bibliometric analysis are limited to the research articles published through Elsevier Scopus. Results allowed the authors to conclude that despite the number of already existent research, a lot more remains to be explored joining both fields of knowledge, data since, and economics and business. This analysis allowed the authors to identify further possible avenues of research critically.
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