Importance of Data Science for Economics student

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Why Data Science is important to the students of Economics

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Data Science has been a new trendy sensation in the last few years as a career opportunity. There are many universities along with many institutions to provide a professional course of data science. Most of the students of Data Science come from the department of Mathematics, Statistics, Computer science and Physics. Students from the life science stream take the attempt for Clinical SAS programming. There is a huge successful career in the stream of data science due to its high craze and demand. But People from the background of Economics can easily access to the professional degree course of Data Science. It is a big opportunity for the students of Economics to establish themselves through the professional course of Data Science.

Data Science:

Data Science is an interdisciplinary field which combines Mathematics, Statistics, Artificial Intelligence, Graphics and Programming Languages. With the use of proper tool and scientific method Data Science transform the raw data into an assembled way. A proper course of data science includes SAS, Python Programming, R Programming, Advances Excel, Data Visualization Tool, SQL etc. The increasing source of has made the course of Data Science most popular one. Therefore, all over the world the data scientists are in the high demand.

Economics:

Economics is a subject or social science that actually concentrates on the production, consummation and distribution of a product or of a service which is assigned or examined by the government. The Students of Economics can easily go the new genre of Data Science as per their subject.

Data Science is Helpful to the Students of Economics:

Economics and Data Science both needed a strong analytical power and a profound knowledge in Statistics. The subject economics hugely depends on data as the raw dataset of a company, or an organization divulge the instant condition as well as the growth of the company. With the help of the Data Science the future of a company is determined depending upon the scrutinized commercial budget and the economic growth. There are many commercial sectors like Bank, Insurance, Finance, Health care, Public Policy, consulting etc. where Data Science and Economics is working with the same importance. Therefore, Data Science will really be constructively useful to the graduate students of Economics.

· R and Python programming packages makes the open-source program easy flowing than the proprietary software.

· The machine learning process of statistics is similar to economy.

· The interaction of data in a vast scale needs professional knowledge and skill with various data types and data base tools.

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The Young Economics Graduates can set up Their Career with Data Science:

Data Science is necessary in making plans with the help of the analysis and that is powered by the economics strategy. The job sectors in Data science will grow 43.4% by the year of 2029, according to the analysis of Bureau of Labour Statistics. And with this rapid growth, a new career ladder will be opened to the candidates of the Economics graduates. Economics graduates with the sound knowledge of Data Science, outstanding professional skills and the proper use of tools can be regnant in the business market. Data Science and Economics both depends on the process of algorithm. While Data Science presents algorithms as the type of machine learning process, Economics considers it as linear regression and this way a student can gain a proper knowledge of machine learning process. Both these subjects need smart presentation of the project and a good communication skill which will make a student easily accessible in the process of market.

Data Science for Economics (DSE):

Data Science for Economics or DSE is a term or a campaign that focuses for the students who are interested in the field of Data Science form the background of economics. This program has started from 2018 and reorganized with a new format in 2022. This program provides a strong and reasonable training of the methodology, tools of information technology, statistics and mathematics to analyze the complex field of economy. The M.Sc. program of DSE graduates will contain tools in computer science, quantitative idea to analyze the economic background with the concept of integrating business, market and the data of social media.

This special program will help the students to set their career as Data Analyst, Data Scientist, Data Driven Economist, Data Driven Economist Maker, Analyst of Economic policies etc. Even students can apply for many governments as well as non-government jobs and with that they can establish themselves as professionals.

Application in Business:

Economics and business are interlinked with the advanced support of Data Science. This study becomes fruitful when it talks about price, profit, loss, market study and optimization etc. The economists can easily prepare a proper business with the use of the tool for the usage of a proper model.

Externalities:

The knowledge of an economist can easily lead to an outcome that is known as externalities. Economists are many times interested in the final result of a particular idea or of a model and shows concern about the direct impact on the society. But some models like AI still considers the externalities, while some models are denying this, therefore the impact or the result can both be positive or negative.

Mathematical Modeling of Complex System:

Economist often has the problem to mathematically describe about the complex process of the system work. The system wants to answer the questions for the demand and the supply of the products and to take the decision about the future analysis of the marketing of a particular business. Therefore, the grip in mathematics with the power of modeling makes an economist with a level of mathematics in machine learning.

The relevance of Economics is very evident in the genre of Data Science. The students of Economics will find a new way to proceed in their life. The DSE program will help them a lot to provide them good jobs with a handsome salary scale. The students of Data science from the field of economics can apply for credit risk analytics. They can even apply for Data Scientist and Economist. After the completion of a professional course, they can easily apply for the jobs related to Data Science like data base developer, data scientist, junior data scientist and many others.